The world's leading diversified natural resource company, Vedanta with its headquarters in Mumbai is desirous to explore business augmentation opportunities in the Middle East region, comprising establishing a regional base in the UAE or Saudi Arabia.
Vedanta is a leading producer of Aluminium & Power, Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore and Steel. The Anil Agarwal led company is one of the key partners of the Indian Pavilion at Expo 2020 and is ambitious to showcase “India’s capabilities” over the next six months.
Sunil Duggal, Vedanta’s CEO and Director spotlighted UAE and the wider region as a promising hub for minerals and trade by saying: “We’re keen to talk to companies such as Ma’aden and Emirates Global Aluminium (EGA), to discuss collaborative opportunities.”
“We’re looking at having a regional centre, given that this [region] lies between the East and the West. Through our presence here, we can partner up with local firms, leverage digital expertise and explore opportunities with sovereign wealth funds.”
Duggal added: “Vedanta was evaluating both the UAE and Saudi Arabia as possible locations for its regional headquarter.”
The Kingdom of Saudi Arabia is a metals and minerals capital in the Middle East region. Presently it’s accounting for a sizeable 37.90% of the Middle East and Africa’s $16 billion metals and mining industry market.
According to Invest Saudi, $1.3 trillion worth of untapped mining potential is estimated in Saudi Arabia, with 20 million ounces of below-ground gold reserves.
The kingdom is also acute to comprehend the private sector, favouring cost advantages and flourishing domestic demand.
“We are looking at creating forums to pursue these opportunities, especially through Expo 2020,” he said.
Duggal stated: “Vedanta is also looking to partner with firms providing technology and seismic data interpretation capabilities, beyond the traditional players such as Halliburton and Baker Hughes. The company will organise roadshows over the coming months and map potential collaborators while continuing to showcase its participation in the Indian pavilion.”
“India needs energy security, and [partnerships] in this space help us make that a reality,” said Duggal.
“Oil and gas, minerals, digital technology, ESG – these are all very important to us.”
Vedanta is the largest aluminium producer in India and also produces alumina. Meanwhile, the UAE's EGA has been supplying Vedanta with Guinean bauxite from its wholly-owned subsidiary Guinea Alumina Corporation (GAC).
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