Vedanta signs MoU to invest Rs 8400 crore to expand its base in Rajasthan
- The Vedanta signed an early agreement to invest around Rs8,400 crore to expand and develop its mineral and mining base in Rajasthan.
- This is part of more than Rs 20,000 crore of investment lined up by Vedanta to expand its mining and oil business in the western Indian state over 3-5 years.
- The latest memorandum of understanding follows an MoU signed recently by group company Carin India to develop new oilfields.
- While Vedanta unit Hindustan Zinc (HZL) plans to invest Rs 8,400 crore to develop and expand zinc-lead ore mines and smelters, as well as in a new fertilizer plant, Cairn has promised to pump in Rs 12,500 crore.
- The investment will go into various districts like Udaipur, Rajsamand, Chittorgarh, Bhilwara and Ajmer.
- The company is also looking at expanding its underground mines, Duggal said. Its target is to increase mine production to 12.80 million tonnes per annum from 9.09 mtpa and finished metal production to 1.028 mtpa from 0.85 mtpa.
- It plans to spend another Rs 1,350 crore on setting up a fertilizer plant to produce 0.5 mtpa of di-ammonium phosphate at Debari in Udaipur district.
Source: Economic Times