Oil-to-metals conglomerate Vedanta Ltd on Wednesday said that it will not prune its USD 2 billion capex target for the current financial year despite falling metal prices.
Vedanta has planned a total investment of around USD 2 billion in its zinc, oil and gas, and aluminium businesses in FY23.
“We are going ahead (with the capex target for the current fiscal). We cannot stop the project in between and these are all the brownfield projects where the returns are very good and this will make our operation more effective, more productive, more efficient,” Vedanta’s Chief Executive Officer Sunil Duggal said.
Duggal told reporters here on the sidelines of the second day of the conference on the Indian minerals and metals industry organised by NMDC and FICCI.
