Vedanta’s founder and daring dreamer Anil Agarwal presses on with plan to raise oil, zinc output
May 1, 2023: Anil Agarwal, the Indian billionaire and founder of Vedanta Resources, is pushing ahead with plans to increase the production of oil and zinc, despite challenges posed by the COVID-19 pandemic.
Agarwal’s company, Vedanta Limited, has been ramping up production at its oil and gas fields in Rajasthan, and is aiming to double its output by 2024.
The company has also announced plans to invest $400 million in the exploration and production of oil and gas in India.
In addition to its oil and gas operations, Vedanta is also looking to increase its zinc production, which has been hit by supply chain disruptions caused by the pandemic.
The company is investing $1.2 billion to expand its zinc smelting capacity in India, and is also exploring new opportunities in the zinc mining sector.
Agarwal said in a statement, “Despite the challenges posed by the COVID-19 pandemic, Vedanta remains committed to expanding its operations in India.
We believe that there is significant potential for growth in the oil and gas and zinc sectors, and we are investing in new technologies and processes to increase production and efficiency.”
The Vedanta founder has been vocal about his ambitions to make India self-sufficient in the production of oil and gas, and has urged the government to provide incentives and support to the sector.
He has also called for greater investment in the mining sector, arguing that India has significant reserves of minerals that can be developed for domestic use and export.
Agarwal’s plans to increase production have been met with some criticism from environmental groups, who have raised concerns about the impact of mining and oil and gas extraction on the environment.
However, Vedanta has maintained that it is committed to sustainable and responsible practices, and has implemented measures to reduce its carbon footprint and protect local communities.
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