Home / News / India /  Vedanta expects revenue to jump to $50 billion in next two years

Mulling to ramp up production, including metals used in electric car batteries, metals to oil conglomerate Vedanta Ltd expects annual revenue of $50 billion in the next two to three years, roughly double projected revenues for fiscal year 2023, firm's chairman Anil Agarwal said on 1 November.

Agarwal's Vedanta reported 1.327 trillion ($16.05 billion) in revenues in the fiscal year that ended in March, up from 880.2 billion rupees a year earlier.

"We'll go to $50 billion in two years' time and this will increase the production of copper, aluminium, zinc," Chairman Anil Agarwal said.

ALSO READ: Vedanta posts a fall in net profit by 53% in Q2, Board approves expansion plans

In September this year, Vedanta and Taiwan's Foxconn signed an initial agreement to invest $19.5 billion to set up semiconductor and display production plants in Gujarat.

Agarwal said the choice of Gujarat was decided after input from consultants as well as Foxconn and Vedanta teams, which looked at incentives, manpower and logistics in several states.

It is not immediately clear when a final agreement would be signed for the semiconductor plant. Commenting on the issue, Agarwal said, ""Foxconn people are working, we are working, but this is all done."

As of now, Vedanta had total debt of $12 billion. "We will be in two years' time zero debt - two or three years' time," he said.

With his firm interested in potential collaborations with Saudi Arabia's mining sector and talent pools, Agarwal said that countries in the Middle East were "very keen" to create an undersea electricity link with the Indian subcontinent. "I'm very bullish on Middle East," Agarwal said.

With Reuters inputs.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout