Active Stocks

Thu Dec 07 2023 09:07:14

Reliance Industries share price
2,460.7 0%

Tata Steel share price
131.95 0.11%

Wipro share price
419.55 0.17%

State Bank Of India share price
608.15 0.01%

Power Grid Corporation Of India share price
225.25 0.38%

Business News/ News / India/ This is India’s moment: Vedanta Chairman Anil Agarwal

Back

This is India’s moment: Vedanta Chairman Anil Agarwal

1 min read 10 Aug 2022, 06:10 PM IST Join us

Sounak Mukhopadhyay

India is unquestionably in a prime position, Vedanta Chairman Anil Agarwal said.

On the eve of Azadi Ka Amrit Mahotsav, Vedanta Chairman Anil Agarwal has said that this is “India’s moment". According to him, India is performing better than most other nations. Compared to the US and the UK, where inflation is approaching double digit levels, India's economy is growing at a rate of about 7% and has modest inflation.

As geopolitics and geoeconomics are evolving, India is unquestionably in a prime position as the entire world seeks to implement a China Plus One strategy, Agarwal added.

Also Read: Vedanta Group Foxconn to invest ₹1.6 lakh cr in Maharashtra, likely to generate over 2 lakh jobs

The Vedanta chairman was speaking on the occasion of the company’s Annual General Meetings (AGM) on August 10. Vedanta has made over $35 billion in investments in India over the years, he said. In the last seven years, the company has made one of the greatest contributions of any Indian corporation—more than ₹2.65 lakh crore—to the national exchequer.

“The natural resource sector will play a pivotal role in India’s growth and employment story as the nation strives to become Aatmanirbhar. Even small policy reforms can unleash the true potential of this sector," Agarwal said.

Also Read: Vedanta Q1 results: PAT jumps 5% to ₹4,421 cr, margin declines

The Vedanta chairman said that the strongest year for Vedanta was FY22, when it recorded record revenue of Rs. 131,192 crore and EBITDA of Rs. 45,319 crore, which was up 66% YoY and contributed more than Rs. 54,000 crore to the government coffers.

“Our strong cash flows put the company in a great position for growth. We have put in place a robust capital allocation strategy that aims at deleveraging our Balance Sheet," the Vedanta chairman added.

Also Read: How a 100-km cycle ride with investors helped Anil Agarwal get Vedanta listed on London Stock Exchange

According to him, the company has a track record of consistently rewarding shareholders with strong dividend pay-outs. The company in FY22 has been the highest dividend paying company in India with a pay-out of ₹45 per share. The board has already announced interim dividends of ₹51 per equity share for the financial year 2023 amounting to ₹18,960 crore, he added.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

ABOUT THE AUTHOR

Sounak Mukhopadhyay

Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.