Vedanta Resources will invest $3 billion in the oil and gas sector in Rajasthan in the next three years. With power projects at Jharsouda in Orissa and Talwandi Sabo in Punjab, the $15-billion Vedanta Resources is looking at expansion in the sector
The group is also in talks with the Orissa government to acquire bauxite to manufacture aluminum. Earlier, the gram sabhas in the Niyamgiri area of Orissa had refused to provide land for Vedanta projects.
Aggarwal, who is among the richest Indians and resides in London, said the reduction of land in Niyamgiri for its projects is not a setback to the group. "We are in talks with the Orissa government to provide bauxite to Vedanta for manufacturing aluminum. The bauxite is in very large quantity in Orissa and we are hopeful of getting it." He said the rupee fall has impacted the operations of Vedanta as well. When the 1980-MW power project was conceived in Punjab it was estimated to cost Rs 8,000 crore but with devaluation and other inflationary reasons the cost of the project has gone up to Rs. 11,000 crore.
He said the coal ministry has allocated 7.7 million tonne per annum coal to Vedanta' Talwandi Sabo power project against the need of 10 million tonne coal to run the plant at 100 percent capacity and the rest of the coal will have to be imported and when the need be global tenders will be floated to import coal.
He said Vedanta has invested 20 Billion dollars in India and whopping 16 billion have been raised in foreign capital, which is one of the biggest foreign inflow in India vis a vis total investment.
Aggarwal said as Punjab was lacking in power, which is foremost necessity for the industrial growth in any state, now with Vedanta coming to Punjab to generate power more reputed companies will come forward in the state and will invest here.
Aggarwal said the Vedanta Khushi to help out the girl child will be started in Punjab as well and Balwaris will be opened in the state. We are committed to provide education, health and nutrition to girl child through Khushi, said Aggarwal.
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