Business Update6 Aug 2024, 07:37 pm
Vedanta Limited Announces USD 550 Million Investment in Capex and Expansion Projects
AI Summary
Vedanta Limited has approved a total investment of USD 550 million towards capital expenditure (capex) and expansion projects. The capex investment of USD 270 million is for drilling infill wells and constructing surface facilities for Cairn Oil & Gas business in the Rajasthan block. The expansion project in Liberia, through its wholly-owned subsidiary Western Cluster Ltd, aims to scale up Iron Ore Production capacity by 3 MTPA at an estimated cost of USD 280 million. The Lanjigarh Refinery expansion is on track with Train 1 of 1.5 MTPA complete and Train 2 expected to be completed in the coming quarters, taking the alumina capacity to 5 MTPA.
Key Highlights
- USD 270 million capex investment for Cairn Oil & Gas business in Rajasthan block
- USD 280 million expansion project in Liberia to add 3 MTPA capacity
- Lanjigarh Refinery expansion on track, taking alumina capacity to 5 MTPA
- Projects to be funded through internal accruals and a combination of debt and equity infusion
- Vedanta Limited's capex guidance of USD 1.9 billion for FY 2024-25 remains unchanged