Vedanta to invest $1.5 bn across oil, zinc, steel businesses
Billionaire Anil Agarwal’s Vedanta Ltd on Friday said it will invest USD 1.5 billion across its oil and gas, zinc and steel businesses.
Its board at a meeting on Friday approved USD 687 million capital spending for drilling of new wells at the firm’s oil and gas unit, Cairn Oil & Gas, Vedanta said in a stock exchange filing.
It also approved a USD 466 million phase-2 expansion of the Gamsberg zinc project in South Africa and another USD 348 million for steel expansion.
The USD 687 million “capex investment is towards infill wells, development and exploration. The strategic priority for the Cairn Oil & Gas business is to increase near-term volume through infill wells and add resources through exploration,” the filing said.
