January 24, 2019 / 8:13 AM / 4 months ago

Vedanta chairman says to invest up to $8.4 bln in India in next 3 years - TV

NEW DELHI, Jan 24 (Reuters) -

* Vedanta Resources will invest up to 600 billion Indian rupees ($8.42 billion) in India in the next three years, Chairman Anil Agarwal told TV channel ET Now.

* Vedanta, which is looking to expand its zinc business in India and Africa, is targeting a total annual global production of the metal of 2 million tonnes, Agarwal told ET Now.

* The oil-to-metals conglomerate, which operates in India through its unit Vedanta Ltd, plans to invest $3 billion in oil and gas, he said.

* The company is also looking to produce 1,400 tonnes of silver in India, he said, adding that he is also looking to set up a glass manufacturing unit in Maharashtra, India’s most industrial state.

* Vedanta is committed to invest $1.5 billion in South Africa, Agarwal said, without specifying a timeline.

* The company is currently out of the race to acquire debt-laden Essar Steel, he said.

* Willing to buy remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co Ltd whenever the government is ready to disinvest, Agarwal said. ($1 = 71.2550 Indian rupees) (Reporting by Sudarshan Varadhan; editing by Christian Schmollinger)

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