A Vedanta Resources logo outside its headquarters in Mumbai, India. Picture: BLOOMBERG / ADEEL HALIM
A Vedanta Resources logo outside its headquarters in Mumbai, India. Picture: BLOOMBERG / ADEEL HALIM

New Delhi — Vedanta Resources will invest up to 600-billion Indian rupees ($8.42bn) in India in the next three years, chair Anil Agarwal told TV channel ET Now.

Vedanta, which is looking to expand its zinc business in India and Africa, is targeting total annual global production of the metal of two-million tonnes, Agarwal told ET Now.

The oil-to-metals conglomerate, which operates in India through its unit Vedanta Ltd, plans to invest $3bn in oil and gas, he said.

The company was also looking to produce 1,400 tonnes of silver in India, Agarwal said, adding that he was also looking to set up a glass manufacturing unit in Maharashtra, India's most industrial state.

Vedanta is committed to investing $1.5bn in SA, Agarwal said, without specifying a timeline.

The company is currently out of the race to acquire debt-laden Essar Steel, he said.

He was willing to buy the remaining stakes in Hindustan Zinc and Bharat Aluminium whenever the government was ready to disinvest, Agarwal said. 

Reuters