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Vedanta plans US$8B investment over 3 years

Vedanta Group founder Anil Agarwal said Vedanta Ltd. intends to spend US$8 billion in the next three years to expand production capacity across the group, BloombergQuint reported Dec. 27.

The plan includes a 1 million-tonne expansion in aluminum and 800,000 tonnes in zinc as well as 500,000 barrels of oil.

"It should be comfortable to manage the expansion as our income is expected to be around $25 billion over this investment period," BloombergQuint quoted Agarwal as saying.

Agarwal added that the company will spend US$300 million to expand capacity to 2.5 million tonnes at recently acquired Electrosteel Steels Ltd.

Indian media outlets reported that the company is planning to invest between US$3 billion and US$4 billion to develop a new steel plant in Jharkhand, India. The plant will have an annual capacity of 4.5 million tonnes and will become part of Electrosteel at Bokaro.