Vedanta Limited, one of the world’s largest natural resources company, will invest Rs 5,000 crore in the state of Jharkhand for various business initiatives, Chairman Anil Agarwal said on Wednesday.
“We import 100% of silver and 95% of copper, but now it’s time to manufacture on our own,” Agarwal said at the Momentum Jharkhand – the state’s Global Investor Summit 2017. He did not say how will the company fund the proposed investments.
“We have a big plan but we will start with the medium size or small size project,” Agarwal said in an interview with PTI, adding, “We intend to set up a one million tonne of steel plant.”
“Once we start and find that things are comfortable, we can always enhance. We have identified the place. We have some iron ore deposits there which I would like to explore and develop. It is just a first step,” Agarwal said, adding that the timeline set for the plant is two years. Read More…