Vedanta committed to bring in investments of up to $20 bn: Anil Agarwal

Vedanta Chairman Anil Agarwal on Tuesday said that the company is committed to bring in future investments of up to USD 20 billion dollar across its businesses.

Agarwal was addressing the shareholders during 56th Annual General Meeting of the company.

"With the outlook for mineral-led growth looking robust, we at Vedanta are committed to nation building and to bring in future investments of up to USD 20 billion across our businesses, which will play a crucial role in the overall economic growth," he said.

The company aims to double its production of silver, which is not only a precious metal but has uses in high-tech industry and renewable energy.

In steel, which is a significant component of its business, the company intends to double its capacity.

"The demand for oil in absolute terms will continue to rise for many years and we are committed to increasing our domestic production in oil and gas by up to 50 per cent," Agarwal said.

The proposed amendment of retrospective income tax, he said, is a welcome step and "will have a positive impact on our group. It shall resolve major ongoing tax litigations amounting to approximately Rs 22,000 crore."

Stating that India is at the cusp of an economic transformation, he said that in the coming years, the nation will grow from a USD 2.6 trillion economy to a USD 5 trillion economy and then a USD 10 trillion economy.

Today, mining contributes 1.5 per cent to GDP while metals contribute an additional two per cent.

The GDP contribution of mining and metals must double, possibly even treble, he said.

"It is the only way to avoid import dependence of the kind we have seen in crude oil. Policy regimes are changing for the good. Fortunately, the government has a clear plan for an Aatmanirbhar Bharat," he added.

The company has contributed Rs 2.7 lakh crore to the exchequer in the past ten years. Vedanta's operations contribute one per cent to India's GDP, according to IFC report.