Vedanta Chairman Anil Agarwal Unveils $1.7B Investment Plan for FY24
In an exciting development, Vedanta Ltd, under the leadership of Chairman Anil Agarwal, has unveiled its ambitious investment plan of USD 1.7 billion for the upcoming financial year. This substantial investment aims to expand the capacities of Vedanta’s diverse business operations.
The company has already demonstrated its commitment to growth by investing USD 1.2 billion in FY2023 through growth capital expenditures, effectively enhancing its assets and production. Chairman Anil Agarwal emphasized that an additional USD 1.7 billion will be dedicated to growth projects in FY2024.
Chairman Agarwal provided insights into the company’s ongoing projects, highlighting expansions in aluminium and zinc capacities. Furthermore, Vedanta’s oil and gas operations, which currently account for a quarter of India’s production, are actively diversifying their reserves and resources portfolio with the vision of contributing 50% to India’s total oil and gas production.
Despite facing challenges such as a difficult and uncertain macro-environment, geopolitical conflicts, energy crises, and aggressive monetary policies, Vedanta delivered exceptional operating performance in the fiscal year ended March 31, FY23. The company achieved a remarkable revenue of Rs 1,45,404 crore and an EBITDA of Rs 35,241 crore. Additionally, Vedanta generated a healthy net-free cash flow of Rs 18,077 crore.
Chairman Agarwal attributed this all-round success to Vedanta’s exceptional portfolio and accomplished leadership team. He affirmed the company’s commitment to responsible growth, ensuring that the communities in which they operate thrive alongside them.
Chairman Agarwal also acknowledged the remarkable progress made by India in the fiscal year 2022-23. Despite slower growth and high inflation experienced by most developed nations, India emerged as one of the world’s fastest-growing economies, achieving an impressive 6.8% GDP growth. The government’s focus on self-reliance in manufacturing, minerals, and resources played a significant role in India’s improved outlook. The importance of this focus was further emphasized by the uncertainties and geopolitical tensions arising from the pandemic and the Russia-Ukraine conflict.
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Chairman Agarwal expressed his belief that India’s economic growth could be propelled further through the trinity of manufacturing, infrastructure, and energy, alongside a focus on digitalization. This approach is expected to double India’s GDP to USD 7.5 trillion between 2022 and 2031, with manufacturing making a substantial contribution.
In conclusion, Vedanta’s Chairman Anil Agarwal has unveiled a bold investment plan of USD 1.7 billion for FY24, demonstrating the company’s commitment to growth and responsible business practices. The company’s outstanding performance and Chairman Agarwal’s optimistic outlook for India’s economic growth make Vedanta an exciting entity to watch in the coming year.
About Vedanta:
Vedanta Limited, an Indian multinational mining company, has its headquarters in Mumbai, India. The company primarily operates in iron ore, gold, and aluminium mines located in Goa, Karnataka, Rajasthan, and Odisha.
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