India can reduce import by harnessing own resource base: Sesa

Says country is well-endowed with minerals and oil and gas

India can greatly reduce reliance on imports of natural resources if its indigenous base can be harnessed, Sesa Sterlite said.

"Owing to multiple structural and regulatory challenges, India's resource abundance largely remains unexplored. Our country can greatly reduce its imports by harnessing indigenous resource base," company's Executive Chairman Navin Agarwal has said in Sesa Sterlite's latest annual report.

Stating India's geology was similar to that of Australia and Africa, he said, "We are well-endowed with minerals and oil and gas. We are among the few countries in the world, which has abundant reserves of iron ore, bauxite, zinc and coal".

However, the country's exploration spend as a proportion of global non-ferrous exploration spend is abysmally low at 0.2%, he said.

Outlining focus of Sesa Sterlite in areas like optimising assets, raising production with continued cost rationalisation and generating strong cash flows, he said key priorities would also include on continuing minority buyouts and contributing meaningfully to India's economic development.

"India is now on the path of a significant socio-economic transformation. With demographic advantage, stable governance and an aspirational society, thrust towards industrialisation and urbanisation in the country will accelerate further," he said.

"As a billion-plus population aspire for a better quality of life, the demand for raw materials and energy security will increase manifold. This reality drives our business optimism and will shape our future strategies for growth," Agarwal said.

Sesa Sterlite has interests in areas like iron ore, zinc, alluminium, oil among others.