v0.32 🌳  

Vedanta's Major Investment to Boost Rajasthan's Economy

2024-10-19 13:42:03.868000

Vedanta has announced plans to invest over Rs 1 lakh crores in Rajasthan, a move aimed at propelling the state towards its ambitious goal of becoming a US$350 billion economy by 2030. This significant investment was unveiled during the Rising Rajasthan Roadshow in the UK on October 19, 2024, where Chief Minister Bhajan Lal Sharma led a delegation to attract global investors. Vedanta Chairman Anil Agarwal met with Sharma to discuss the investment strategy, which will focus on key sectors such as zinc, oil and gas, and renewable energy.

The investment is expected to generate over 200,000 jobs and establish more than 500 downstream industries in the region. Specifically, Hindustan Zinc, a subsidiary of Vedanta, plans to invest Rs 30,000 crores to double its zinc production capacity from 1.2 million tonnes per annum (MTPA) to 2 MTPA. Additionally, Cairn Oil & Gas, another Vedanta entity, will invest Rs 35,000 crores to increase its oil production capacity to 300,000 barrels per day. Furthermore, Serentica Renewables is set to invest Rs 50,000 crores to develop 10,000 MW of renewable energy capacity.

To support these initiatives, Vedanta will establish an industrial park in Udaipur aimed at fostering small and medium-scale industries. Chief Minister Sharma emphasized the government's commitment to supporting global investors, while Agarwal highlighted Rajasthan's rich natural resources and the state's dedication to economic growth. This investment not only marks a pivotal moment for Rajasthan's economy but also aligns with the broader trend of increased capital spending by Indian conglomerates, which are projected to invest around US$800 billion over the next decade in various sectors, including clean energy and infrastructure [fef0ece4] [cf983162] [b9bf464e].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.