To make a significant investment, Vedanta on Saturday announced that it will invest over Rs 1 lakh crore in the state of Rajasthan and will cover sectors such as zinc, oil and gas, and renewable energy.
Hindustan Zinc, a subsidiary of Vedanta, will invest Rs 30,000 crore to double its zinc production from 1.2 million tonnes per annum to 2 mtpa and its silver production from 800 tonnes to 2,000 tonnes. The investment will also support a new 1 MTPA fertilizer plant. Cairn Oil & Gas, another subsidiary of Vedanta, will invest Rs 35,000 crore to increase its capacity to 300,000 barrels per day.
One of the biggest steps towards sustainable energy would come from Vedanta’s subsidiary Serentica Renewables, which will invest Rs 50,000 crore in developing 10,000 MW of renewable energy capacity. Support for the energy transition and high environmental standards will drive this effort.
Vedanta also plans to develop a non-profit industrial park around Udaipur to support small and medium scale industries with investments starting from Rs 5 crore.
In a recent meeting at the Rising Rajasthan Roadshow in the UK, Vedanta Chairman Anil Agarwal met Rajasthan Chief Minister Bhajan Lal Sharma. The party discussed the significant investments made in the region and stated that such investments will generate more than 200,000 jobs and enable the development of more than 500 downstream industries, leading to import substitution.
The highlight of the meeting was when Agarwal affirmed the economic development potential of Rajasthan.
“Rajasthan is rich in hydrocarbons and critical minerals such as zinc, lead, silver and copper,” Agarwal said. “We are honored to work alongside the state government to improve the quality of life in the region.”
Vedanta has so far invested over Rs 1.5 lakh crore in Rajasthan and Hindustan Zinc Ltd and India’s Cairn Oil & Gas operate their largest assets in the state. Cairn Oil & Gas accounts for 25 per cent of India’s domestic crude oil production, mainly from its operations in the Barmer district of Rajasthan.
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