Vedanta dehibernates on capex plan of USD 10 billion
DSIJ Intelligence / 21 Dec 2016
Vedanta has plans to expand its reach in the oil and gas segment in the coming year. The company is looking at investing around USD 10 billion in the next three years.
Vedanta has plans to expand its reach in the oil and gas segment in the coming year. The company is looking at investing around USD 10 billion in the next three years. It will deploy USD 3 billion in oil and gas, USD 1.5 billion in the aluminium and iron ore segment and USD 1 billion in the copper segment. Vedanta is also looking forward to foray into glass making, which is used in TV and computers.
Simultaneously with expansion, Vedanta also aims at cutting its debt by around USD 1.5-2 billion in the next one year. The company is looking at a total investment of about USD 10 billion in about three years.
India has one of the largest bauxite reserves, which is also one of the best quality. China does not have that quality of bauxite and produces 35 million tonne of aluminium; and against that India produces only 3 million tonne. Vedanta is expecting mine allocation from the government in the next six months.
The stock price of Vedanta has increased by 1.49 per cent on bourses in early trades; and is trading at Rs 227 on an intraday basis. During last one month, stock has given returns of 15.2 per cent.
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