Vedanta Announces $20 Billion Investment in India Over Next 4 Years
Vedanta, under the leadership of Chairman Anil Agarwal, intends to allocate $20 billion for investment in India across its various business sectors within the next four years. Agarwal made this announcement during the company's 'Nand Ghar' event, which is part of its philanthropic efforts. The decision to invest coincides with the company's reliance on the rise in commodity prices to drive its growth.
"Growth in India is tremendous. it's a double-digit growth, and there is a huge consumption activity. People are interested to invest in India and post the elections we would see recognition to entrepreneurships, which is very important," Agarwal said while detailing plans on the investment.
Agarwal additionally highlighted that the investments will prioritize the glass and semiconductor sectors, with a heightened focus on bolstering investments in electronics alongside other ventures. When queried about the progress of the company's semiconductor initiative, Aggarwal mentioned, "We got land in Gujarat, but we need to find the best partner".
Media reports earlier this year suggested that the Minister of State for Electronics and Information Technology views Vedanta's plans with skepticism due to the lack of a technology partner. Nevertheless, Agarwal emphasized that the company remains fully dedicated to its endeavors in the glass and semiconductor sectors.
The company organized an event to welcome Bollywood actor Manoj Bajpayee to its Nand Ghar initiative. Nand Ghar is a joint venture between Vedanta and the Ministry of Women and Child Development, with a memorandum of understanding (MOU) in place to transform traditional anganwadis into modern Nand Ghars nationwide, focusing on the welfare of women and children. "We aim to have about 25,000 Nand Ghars over the next two years", Aggarwal said. "The company has constructed 6,000 such units as of today", the company said during the event.
In February, the Supreme Court rejected Vedanta's request to reopen its Sterlite copper smelter plant in Tamil Nadu for further consideration. The court cited the recurrent violations of laws and regulations as grounds for its decision. Although Vedanta expressed intentions to file a review petition in the Supreme Court, Aggarwal indicated that the conglomerate has chosen to put the smelter plant issue behind them. Asked about the update on the Sterlite copper smelter, Aggarwal said, "Just forget about it.. it just contributes to 0.3% to our business. We have moved on from that".
