Vedanta announces investments of Rs 1 trn in Rajasthan across verticals

Vedanta on Saturday said it will pump in over Rs 1 trillion in Rajasthan across different business verticals, including, zinc and oil and gas.

While Hindustan Zinc, a Vedanta group firm, will invest Rs 30,000 crore to double zinc capacity from 1.2 million tonnes per annum (MTPA) to 2 MTPA, silver from 800 tonne to 2,000 tonne, and set up a one MTPA fertiliser plant, Cairn Oil & Gas, a subsidiary of Vedanta Ltd, will invest Rs 35,000 crore to augment capacity to 3 lakh barrels per day, the company said.

Vedanta Group entity Serentica Renewables will invest Rs 50,000 crore to develop 10,000 MW renewable power capacity to support the investments, help energy transition and ensure highest environmental standards and green manufacturing, the company said in a statement.

 

Vedanta also announced setting up of an industrial park around the Udaipur area on a non-profit basis, for small and medium scale industries from Rs 5 crore onwards.

Vedanta participated in the Rising Rajasthan Roadshow in the UK, which was led by Rajasthan Chief Minister Bhajan Lal Sharma and a delegation of ministers from the state.

The Chief Minister met "Vedanta Chairman Anil Agarwal to discuss investments of more than Rs 1 trillion across zinc, oil and gas, and renewable energy by the group", the statement said.

This will help create more than two lakh jobs, develop more than 500 downstream industries across multiple areas, and support import substitution.

"Rajasthan is one of the few states which has hydrocarbons and a vast number of critical minerals such as zinc, lead, silver, gold, copper, potash, rock phosphate, marble, different types of high-quality stones, and others.

"We are honoured to work alongside the state government to boost economic development and enhance the quality of life in the region," Agarwal said.

Vedanta has made investments in excess of Rs 1.5 trillion in Rajasthan to date. Two of its flagship businesses Hindustan Zinc Ltd, the world's second-largest integrated zinc producer, and Cairn Oil & Gas have their largest operations in the state.

Cairn Oil & Gas, also part of the Vedanta Group, contributes 25 per cent of the country's domestic crude production, a large part of which is from its operations in Barmer, Rajasthan.