Vedanta plans to invest £6bn in India  

BUSINESS tycoon Anil Agarwal said his company is aiming to invest around Rs 600 billion or £6bn in India during the next two to three years.

During the India Economic Conclave 2019 in the country’s commercial capital Mumbai, the Vedanta Resources chairman said Vedanta is also on its way for a top line of £23bn to £30bn and a bottom line of £7 million in four to five years.

He did not disclose any details on how his conglomerate aims to utilise the funds. However, he hinted he was keen to buy a few public sector businesses.

London based Agarwal also pointed out that his company is eagerly looking at the glass and optical fibre and cable industries.

He said: "...I have already invested $35bn in India in the past 10 years. I have bought 13 companies so far, including Hindustan Zinc, Balco, Sesa Goa and Cairn and all of them are doing well. I hope to invest Rs 600bn in the next two to three years.”.

"We currently have the best in class assets and we are looking at many more nationalised companies. I want to tell the government that it should not depend on foreigners but depend on us. They (foreign investors) want to make money, but we want to make the country. If government depends on us we will also bring in foreign investment.

"Sterlite Tech is doing good work in optical fibre. I am now keen on developing the glass industry which will be used in electronics. We are developing the glass used in mobiles, TV sets and computers in countries like Korea, Taiwan, and Japan.

“If the atmosphere in India is conducive, we will get to do that here as well. This will give a boost to the electronics industry.”

Vedanta has already paid Rs 2 trillion in tax in the last six years, he said.