Vedanta to invest Rs20,000 crore over three years to expand aluminium capacity
- RBL Bank net income jumps 28% to Rs165.3 crore on fee income
- Welspun Corp. to raise Rs250 crore via NCDs
- JPMorgan rolls out $20 billion investment plan after tax law gains
- Davos Diary, 23 January 2018: Of culinary delights and Modi-CEOs bonhomie
- India-Myanmar-Thailand Trilateral Highway by 2019: Nitin Gadkari
Bhubaneswar: Mining conglomerate Vedanta plans to invest Rs15,000 crore to Rs20,000 crore($2.93 billion) over three years to expand its alumina and aluminium producing capacity, said Anil Agarwal, chairman of Vedanta Resources Plc.
The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes.
Both the plants are located in Odisha.
Vedanta has been trying to expand the capacity of its refinery for almost 8 years now but a paucity of availability of bauxite, the raw material which is refined to make alumina, has proved a hurdle. Reuters