Vedanta set to invest Rs 60,000 cr in India over 3 yrs, promises more FDI

Vedanta Resources Chairman Anil Agarwal on Monday said the company is planning to invest around Rs 60,000 crore in the next 2-3 years.

The company is also eyeing a top line of USD 30-40 billion and a bottom line of USD 10 million in 4-5 years, Agarwal said at the India Economic Conclave 2019.

"I am committed to India. I have already invested USD 35 billion in India in the past 10 years. I have bought 13 companies so far including Hindustan Zinc, Balco, Sesa Goa and Cairn and all of them are doing well. I hope to invest Rs 60,000 crore in the next 2-3 years," he said.

However, he did not give further details on how the company plans to utilise the funds, but hinted at being keen on acquiring a few public sector companies.

"We currently have the best in class assets and we are looking at many more nationalised companies. I want to tell the government that it should not depend on foreigners but depend on us. They (foreign investors) want to make money but we want to make the country. If government depends on us we will also bring in foreign investment," Agarwal added.

He also said the company is keenly looking at the glass and optical fibre and cable industries.

"Sterlite Tech is doing a good work in optical fibre. I am now keen on developing the glass industry which will be used in electronics. We are developing the glass used in mobiles, TV sets and computers in countries like Korea, Taiwan and Japan. If the atmosphere in India is conducive we will get to do that here as well. This will give a boost to the electronics industry," he added.

When asked about the growth the company foresees by 2024-25 he said, "we are hoping to have a USD 30-40 billion of revenues and a profit of USD 10 million."

He further said as a part of his commitment to the country the intent was to take care of 10 crore children and 5 crore women and give back 75 per cent of wealth to the society.

"I am committed to India and the company has already paid Rs 2 lakh crore in tax in the last 6 years. This contribution is however very small," Agarwal added.