More reports on: Mining

Upbeat on Modi, Vedanta seeks fresh $30-bn investments in India

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09 January 2015

London-listed metals and mining conglomerate Vedanta Resources said today it might make fresh investments of over $30 billion in India if the investment climate in the country remains positive.

"We have invested heavily in India - $30 billion in last ten years. Numbers will never be a constraint. It is going to be more than previous $30 billion now if things remain positive," the company's group chairman Anil Agarwal told PTI in an interview in Jaipur.

He enthused about the new Narendra Modi government, saying things are looking positive with the change of guard at the centre and India has ''caught the fancy of the world''.

"India is being discussed globally. There is a big difference in the investment climate. Everybody is discussing in their board rooms that India is opening up.

"Give them more confidence. Be more lucrative. These companies will not come for charity. They will come for profitable venture and we should not be scared of giving them better proposition than other countries," he said.

Talking about Vendanta's future investments in India, Agarwal said, "The company is looking to invest $6 billion in next two to three years, including $3 billion in oil and gas and remaining $3 billion in other businesses like zinc and aluminium."

He said the company is keen on investing in coal and is looking to participate in the ongoing mines auctions.

The 61-year-old NRI billionaire who recently, along with his family, pledged 75 per cent of his wealth, amounting to $2.6 billion on corporate social responsibility said he is the "son of the soil and eradicating poverty and creating jobs in India was his commitment."

"I think I can usher in changes in my India in my own way by investing here. I understand India and I will do everything possible for my country," he said.

"All our shareholders have made lots of money from us. If we go with the proposal of any kind which is a good venture, I think shareholders will trust us. We have got most of the money from foreign shareholders," he added.

At the same time, making profit should not be viewed as "sin" as the money is being roped in for betterment of the economy.

"Sometimes, making profit becomes a sin in India. Rather, it should be encouraged so that you should be able to pay the tax, you would be able to re-invest the profit. Nobody keeps the money in the bank. If they make the profit they re-invest," he said.

He also stressed on the need to give more recognition to entrepreneurs in the country on par with nations like the US.





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