(Source: ECI / CVoter)
Vedanta To Continue 'Sizeable Investments' In India, Made $35 Bn Investment To Date: Anil Agarwal
Vedanta plans to invest USD 1.7 billion (Rs 14,000 crore) in the current financial year to expand the capacities of its various business operations, Agarwal said
Vedanta Ltd has invested USD 35 billion in India so far and the company will continue to make "sizeable investments" across business verticals in the coming years, its Chairman Anil Agarwal said on Wednesday.
Vedanta plans to invest USD 1.7 billion (Rs 14,000 crore) in the current financial year to expand the capacities of its various business operations, Agarwal said.
His company had invested USD 1.2 billion in the form of growth capex in FY23 to augment its assets and production.
"We are committed to make sizable investments across business verticals in the coming years," he said addressing shareholders at the company's 58th Annual General Meeting (AGM) on Wednesday.
To date, Vedanta has invested over USD 35 Billion (Rs 2.9 lakh crore) in India, contributing to more than 1.4 per cent of the country's GDP, Agarwal said.
The company's contribution to the government exchequer is approximately Rs 3 lakh crore over the past seven years, with Rs 74,000 crore contributed in FY23 alone, he added.
In FY23, Vedanta's revenue stood at Rs 1,45,404 crore, with an EBITDA of Rs 35,241 crore, Agarwal told the shareholders.
"We made the highest ever production of aluminium, zinc, and steel. Continuing with our consistent track record, your company declared a total dividend of Rs 101.5 per share in FY23. This year, we have already declared a dividend of Rs 18.5 per share," he said.
Sharing the company's plan of semiconductor business, he said a huge opportunity lies in the electronics sector as India imports USD 100 billion worth of electronics every year, of which around USD 30 billion is on semiconductor and display glass.
Prime Minister Narendra Modi has proactively rolled out progressive policies for the domestic manufacturing of semiconductors and display fabs in India, and "this year, subject to government approvals, your company will begin a historic foray into semiconductor fab and display fab," he said.
This will open an entirely new avenue of rapid growth for the company in a sector that is strategic for the country.
"Our subsidiary AvanStrate, the 4th largest manufacturer of glass substrate in the world, has the niche patented technology and is one among the only four global companies to own this," he said.
"We have lined up partners for our semiconductor venture. With these ventures, we will enable our youth to access affordable electronic devices which will help them fulfil their aspirations," Agarwal said.
On the Indian economy, he said that India has registered a strong growth rate of over 7 per cent in FY23 despite global headwinds.
"Our imports are over USD 700 billion annually. Soon, they will be USD 1 trillion. 50 per cent of these imports are of natural resources, be it oil and gas, gold, diamonds, copper, or aluminium. Imagine the impact on our economy if we can explore, mine and make in India. The jobs we can create, the addition to GDP and the revenue for the government," he noted.
Vedanta Ltd is dedicated to achieving net-zero carbon emissions by 2050 and net water positive by 2030, and to accelerate the transition to net-zero operations, it has pledged USD 5 billion over the next 10 years, the chairman said.
"Our decarbonisation efforts include the utilisation of 2.5 GW of round-the-clock renewable energy and a target to reduce absolute emissions by 25 per cent by 2030," he said.
Four of the company's businesses -- Cairn Oil & Gas, Hindustan Zinc Limited, FACOR and Iron Ore Business -- have also become water-positive.
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