Vedanta's $20B Investment Plan: Anil Agarwal Announces India Expansion

02 May, 2024

Vedanta's $20B Investment Plan: Anil Agarwal Announces India Expansion

Banking on the country’s growth potential, Vedanta Group is planning to invest $20 billion in India in the next four years, said chairman Anil Agarwal. The investments will happen mostly in the technology, electronics, semiconductors, and glass segments, he added.

“Investments in electronics, technology, and glass are important to create a lot of industries and jobs. Semiconductors and glass – used in making smartphones and laptops screens – are very essential from a future perspective, and for both, we have factories in Taiwan and Korea,” Agarwal said on the sidelines of an event in Mumbai.

For its semiconductor business, Vedanta Group has bought land in Gujarat, while it is making progress on the glass business. “We are already making glass, but now we have to make that in India,” he said, adding the group is keen on partnerships. He said that some of the developed nations have exploited natural resources to become rich. He rued that there are concerns about the environmental impact of mining in India. “We cannot depend on imports; we have the best of gold and diamond here,” he added.

Meanwhile, when asked about the steel business sale, which was supposed to happen by March, Agarwal said a transaction depends on getting the right price. “We are committed… if we get the right price to divest it,” he said, adding that if the group doesn’t get the right price, it will choose to continue running the business by itself. On the closing of the copper smelter in Tamil Nadu, Agarwal said it was just 0.3 per cent of its business. FE