Success in my Habit

Tuesday, December 17, 2019

Vedanta set to invest Rs 60,000 crore in India over 3 years, promises more FDI #Vedanta #Sukumarbalakrishnan

Vedanta Resources Chairman Mr Anil Agarwal said the company is planning to invest around Rs 60,000 crore (US$ 8.58 billion) in the upcoming 2-3 years.

The company is also expecting a top line of US$ 30-40 billion and a bottom line of US$ 10 million in 4-5 years, Agarwal said.

"I am committed to India. I have already invested US$ 35 billion 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 60,000 crore (US$ 8.58 billion) in the next 2-3 years," he said.

Though, any further details on how the company plans to utilise these funds were not given, but the interest to acquire a few public sector companies was shown.

"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," Mr Agarwal added.

He further said that the company is strongly interested in the glass and optical fibre and cable industries.

"Sterlite Tech is doing a 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," he added.

When asked about the growth the company is expecting by FY2024-25 he said, "we are hoping to have a USD 30-40 billion of revenues and a profit of USD 10 million."

He added that as a part of his commitment to the country the aim was to take care of 10 crore children and 5 crore women and give back 75 per cent of wealth to the society.

"I am committed to India and the company has already paid Rs 2 lakh crore (US$ 28.62 billion) in tax in the last 6 years. This contribution is however very small," Mr Agarwal added.

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