Indian conglomerate Vedanta, spanning metals to oil, is seeking a global partner for expansion projects worth $20 billion, according to a tender document. Led by billionaire Anil Agarwal, the company—soon to be split into four entities: Vedanta Aluminium, Oil and Gas, Power, and Iron and Steel, plans to invest in metals, mining, and hydrocarbons over the next three years.
Vedanta has not disclosed specific details about the tender issued last week. However, its plans include a $2 billion to $2.5 billion investment to expand subsidiary Hindustan Zinc's production.
Another unit, Cairn India, has outlined a $5 billion strategy to increase oil output fivefold. Meanwhile, Vedanta's power division aims to double its 5-gigawatt (GW) capacity and expand into nuclear energy and power distribution. In February, the company announced its search for partners to develop and operate 5 GW of nuclear power for captive use in India.
A few days back, Vedanta made another significant announcement of constructing an aluminium park in Odisha with a cumulative investment of INR 1,00,000 crores ((US$11.55 billion). The plan for the mega aluminium park is expected to drive Odisha's industrial growth, and the MoU was signed in the presence of Chief Minister Mohan Charan Majhi and Vedanta Chairman Anil Agarwal, making way for the establishment of a 3 MTPA aluminium plant and a cutting-edge aluminium park in Jharsuguda.
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