He also said the merger of Cairn India and Hindustan Zinc with Vedanta is likely to be completed in the current quarter, creating India's largest diversified natural resources firm that will compete with the likes of BHP Billiton and Vale SA.
"We have the potential to spend USD 10 billion over a period of five years; we are looking at 3,50,000 barrel of oil... To have 100,000 barrel equivalent to gas. We are looking to integrate 3 million tonnes capacity for the aluminium," the mining baron told PTI in a telephonic interview.
Vedanta Resources subsidiary Cairn produces over 2,00,000 barrels oil and oil equivalents per day and plans to enhance its production by another 1,00,000 barrels of oil equivalent per day.
Its operations span across India, Sri Lanka, Zambia, Namibia, South Africa, Liberia, Ireland and Australia.
Also Read
The merger will mark a significant step towards achieving group's long-term vision of a simplified group structure and creation of long-term sustainable value, Agarwal said.
The average gross production of Cairn India Ltd, one of the largest independent oil and gas companies, produced 203,703 barrels of oil equivalent per day (boepd) in 2015-16.
In June 2015, Vedanta Ltd (formerly known as Sesa Sterlite Ltd/Sesa Goa Ltd) had announced its proposed merger with Cairn India.
Shareholders of Vedanta Ltd and LSE-listed Vedanta Resources had approved the merger under a revised all-share deal.
Under the revised offer, Vedanta will give minority shareholders of Cairn India one equity share and four redeemable-preference shares with a face value of Rs 10 each. The preference shares will carry a coupon of 7.5 per cent and tenure of 18 months.
Disclaimer: No Business Standard Journalist was involved in creation of this content