You are here: Home » Companies » News
Business Standard

Vedanta to invest Rs 50,000 cr on India business expansion: Anil Agarwal

He further said that this decade will belong to India and it is the best time to invest

Press Trust of India  |  New Delhi 

Anil Agarwal, Chairman, Vedanta Resources. Illustration: Ajay Mohanty
Anil Agarwal, Chairman, Vedanta Resources. Illustration: Ajay Mohanty

Metals and mining conglomerate Resources has plans to invest around Rs 50,000 crore on business expansion in India in coming years, its Chairman said today.

He also expressed hope that the retrospective taxation issue between Cairn Plc and the government would soon be sorted out.

"I have promised the government that the group will invest Rs 40,000-50,000 crore. My shareholders and my banks abroad would be very pleased with my plan," Agarwal said.

He further said that this decade will belong to India and it is the best time to invest here.

On the retrospective taxation row, Agarwal said, "The kind of image that India has all over the world, the retrospective tax is one small thing which has to be sorted out... There is a case between the government and Cairn Plc. I highly recommend both parties to sit down and sort out this issue."

The retrospective legislation was used to levy a principal tax liability of Rs 10,247 crore on the UK-based That matter too is before an international arbitration panel.

Highlighting some of the reform measures taken by the government, Agarwal said bankruptcy law and Goods and Services Tax (GST) will help improve the business environment and attract global investors.

is a major player in India's Zinc Industry, primary Aluminium market, and refined copper with market shares of 72 per cent, 40 per cent and 35 per cent respectively.

Also, it is India's largest private sector Iron Ore exporter and operator of 26 per cent of India's crude oil production through Cairn India.

Meanwhile, the Income-Tax Department has seized $104 million dividend due to from the remaining stake in the erstwhile subsidiary Cairn India (now called Ltd). The department has already adjusted Rs 1,500 crore of tax refund that was due to Cairn Energy, against the principal amount.

"The government already has holding shares about Rs 6,000-7,000 crore and something should be done to settle the issue. Those shares were of Cairn Plc," he had said.

Resources recently merged Cairn India with group company Ltd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 01 2017. 22:47 IST
RECOMMENDED FOR YOU