Vedanta would invest $2 billion less in next 2 yrs

Mining major Vedanta Resources today said its investment in India would come down by up to $2 billion (nearly Rs 9,000 crore) in the next two years, as expansion plans are put on hold after the group has been denied permission to mine bauxite in Orissa's Niyamgiri hills.

“Since final clearance was not granted for bauxite mining at Niyamgiri, we have reviewed our capital expenditure programme,” the NRI billionaire Anil Agarwal-led company said in a statement. The group had plans to invest up to $8-10 billion in India over a period of time.