Even as CEO Tom Albanese prepares to bid farewell to the company, Anil Agarwal’s Vedanta Limited, said that in the next two-three years, the company would be 50% larger than what it is now.
The Anil Agarwal -led diversified natural resources major said that the company is in “a sweet spot” in terms of its balance-sheet and management.
“Our balance-sheet is one of the strongest in the sector and in all Indian corporates,” executive chairman of Vedanta, Navin Agarwal said on the sidelines of the company’s AGM on Friday.
Agarwal also said that greater efforts are needed for oil and gas exploration in India and the company aspires to meet 50% of the country’s oil production.
Vedanta has reduced its gross debt by Rs 10,000 crore in the last 15 month and is also beefing up its renewable offering and evaluating projects to diversify into the ferrous metals segment. Agarwal waved off concerns regarding availability of bauxite for the company. “The value lost in terms of having our own bauxite mine versus sourcing from Chhatisgarh as well as importing, is not much. Hence it should not be looked at as the be-all-and-end-all,” Agarwal said.
The company also cleared its position in the Cairn Energy tax case saying that it has no liability from the Cairn Energy tax case.
“All segments of Vedanta’s businesses are profitable, the only concerns were with Balco, owing to capacity ramp-up, which is now completed,” CFO Arun Kumar said.
The company has said that they will find a replacement for Albanese by the end of August and it could be an external or internal candidate.