Vedanta to treble zinc, lead production, double silver output; to invest $5 bn for expanding oil & gas biz

Vedanta Chairman Anil Agarwal on Tuesday announced an ambitious growth roadmap, saying the company will nearly triple zinc and lead production, double silver production, accelerate exploration of critical and strategic minerals including lithium and rare earths, while also committing to invest $5 billion to expand its oil and gas business.

Agarwal unveiled an ambitious vision for ‘Vedanta Unlimited’ at the 61st Annual General Meeting (AGM) of Vedanta Ltd.

Speaking at the General Assembly, he said the company plans to increase zinc and lead production to 3 million tonnes by 2031, double silver production to 1,500 tonnes and copper production to 1 million tonnes by the end of the decade.

Ferrochrome capacity will be increased to 5 lakh tonnes and nickel production to 60,000 tonnes by FY28, he said. He added that the company will accelerate exploration in ten critical and strategic mineral blocks such as lithium, cobalt, gold, copper, nickel, manganese, rare earth elements and potash.

Vedanta Group has reiterated bullish expansion plans across its demerged businesses, saying it will increase capacity sharply over the next three to five years.

Vedanta Aluminum will double its capacity to 60 lakh tonnes per annum within three years and aims to operate at the lowest cost globally.

Vedanta Oil & Gas will target production of 5 lakh barrels per day and will invest five billion dollars over the next three to five years to achieve this target.

Vedanta Iron & Steel will increase its capacity from 4 million tons to 15 million tons annually, focusing on green and special steel.

Agarwal said Vedanta Power has a roadmap to expand to 20,000 MW and will also venture into nuclear power.

The company’s future will be built on three Ps: Producing More, Partnering Better, and Purpose Beyond Profit.

Reflecting on the successful completion of Vedanta’s demerger, he mentioned that each of the Group’s five pure-play entities — Vedanta Ltd, Vedanta Aluminum Metal Ltd, Vedanta Oil and Gas Ltd, Vedanta Iron and Steel Ltd, and Vedanta Power Ltd — has the potential to become a USD 100-billion company.

Emphasizing that technology is Vedanta’s strongest partner, Agarwal said, “The future belongs to companies that embrace technology. Artificial intelligence is transforming industries around the world. Technology is our best partner. We deeply embed technology in each of our businesses, whether it is exploration, operations, sustainability, security or productivity. Our goal is simple: To be smarter, faster, safer and better.”