Vedanta Plans Rs 55,000 Crore Capex To Increase Production
Mining firm Vedanta Ltd. on Thursday said it had a capital expenditure of Rs 10,000 crore in 2018-19, adding that its capex plans going forward will see it become the world’s largest zinc producer and place it among the Top 3 in silver production.
“As India's largest private sector oil and gas producer, your company aims to double its current contribution of 27 percent of nation's production,” Vedanta Chairman Navin Agarwal said at the company's annual general meeting.
India currently imports around 80 percent of its oil and gas requirements, amounting to $150 billion, Agarwal said.
“We are the largest primary producer of aluminium in the country. Our plans will see us produce three million tonnes of integrated aluminium, an increase of 50 percent,” he added.
According to the chairman, Vedanta’s plans in the medium-term include a capex of Rs 55,000 crore to increase production by 50 percent across verticals. The company expects to fund its capex needs using internal cash flows.
On Thursday, Vedanta shares rose 2.31 percent to Rs 163.70 apiece on the BSE while the benchmark Sensex gained 0.69 percent to end the day at 38,823.11 points.