Vedanta commits over USD 8 bn in Indian market over next 3 years

Vedanta Resources will invest up to 600 billion Indian rupees ($8.42 billion) in India in the next three years, Chairman Anil Agarwal told TV channel ET Now. Vedanta, which is looking to expand its zinc business in India and Africa, is targeting a total annual global production of the metal of 2 million tonnes, Agarwal told ET Now. The oil-to-metals conglomerate, which operates in India through its unit Vedanta Ltd, plans to invest $3 billion in oil and gas, he said.

The company is also looking to produce 1,400 tonnes of silver in India, he said, adding that he is also looking to set up a glass manufacturing unit in Maharashtra, India's most industrial state. Vedanta is committed to investing $1.5 billion in South Africa, Agarwal said, without specifying a timeline.

The company is currently out of the race to acquire debt-laden Essar Steel, he said. Willing to buy remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co Ltd whenever the government is ready to disinvest, Agarwal said.