Vedanta to invest Rs 36,000 crore in India

Mining leader Vedanta Resources has announced a fresh investment of over USD 5 billion, or Rs 36,000 crore, in India over the next three years. Through this, the company will increase the crude oil and aluminum production capacity in the country by 50 percent. Vedanta Group Chairman Anil Agarwal has also announced an additional investment of Rs 5,000 over the next five years for the holistic development of 1,000 villages in the country.

Aggarwal said that out of the five billion dollars, two billion dollars will be invested in the oil and gas sector. The company made a strong foray into India’s energy sector by acquiring Cairn Oil & Gas. Aggarwal claimed that by producing 5 lakh barrels of crude per day, it can match the biggest oil producer ONGC. At present, India buys crude oil from the foreign market at a cost of $ 70-75 per barrel. The company is supplying crude oil at $ 20-25 per barrel i.e. one-third of the international price.

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