Vedanta Resources set to invest INR 50,000 crore on business expansion in India
Anil Agarwal, chairman of Vedanta Resources, the metal and
mining conglomerate has announced his plans to invest around INR 50,000 crore
on business expansion in India in the next few years.
"I have promised the government that the group will
invest Rs 40,000-50,000 crore. My shareholders and my banks abroad would be very
pleased with my plan," he said. He also hopes the taxation issues between
Cairns India and the Government will also be sorted soon.
He insisted that this decade is the best period to invest in India. He is of the view that the new bankruptcy law and Goods and Services Tax (GST) will help improve the business environment and attract global investors to India.
The Income-Tax Department has seized USD 104 million dividend due to Cairn Energy Plc from the remaining stake in the erstwhile subsidiary Cairn India (now called Vedanta Ltd). Vedanta Resources recently merged Cairn India with group company Vedanta Ltd.
It is noteworthy that on 31 August 2017, Mr Tom Albanese,
the Executive Director and the Chief Executive Officer for Vedanta Resources
Plc had finished his tenure and Mr Kuldip Kaura was appointed as Interim Chief
Executive Officer (CEO) of the Group, effective 1st September 2017.
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