Vedanta To Invest Rs 50,000 Crore On India Business Expansion: Anil Agarwal
New Delhi: Metals and mining conglomerate Vedanta Resources has plans to invest around Rs 50,000 crore on business expansion in India in coming years, its Chairman Anil Agarwal said today.
He also expressed hope that the retrospective taxation issue between Cairn Plc and the government would soon be sorted out.
"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," Agarwal said.
He further said that this decade will belong to India and it is the best time to invest here.
On the retrospective taxation row, Agarwal said, "The kind of image that India has all over the world, the retrospective tax is one small thing which has to be sorted out...There is a case between the government and Cairn Plc. I highly recommend both parties to sit down and sort out this issue."
The retrospective legislation was used to levy a principal tax liability of Rs 10,247 crore on the UK-based Cairn Energy Plc. That matter too is before an international arbitration panel.
Highlighting some of the reform measures taken by the government, Agarwal said bankruptcy law and Goods and Services Tax (GST) will help improve the business environment and attract global investors.
Vedanta is a major player in India's Zinc Industry, primary Aluminium market, and refined copper with market shares of 72 per cent, 40 per cent and 35 per cent respectively.
Also, it is India's largest private sector Iron Ore exporter and operator of 26 per cent of India's crude oil production through Cairn India.
Meanwhile, 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). The department has already adjusted Rs 1,500 crore of tax refund that was due to Cairn Energy, against the principal amount.
"The government already has holding shares about Rs 6,000-7,000 crore and something should be done to settle the issue. Those shares were of Cairn Plc," he had said.
Vedanta Resources recently merged Cairn India with group company Vedanta Ltd.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
