Vedanta Ltd in a sweet spot, to scale up output: Navin Agarwal
Diversified natural resources company Vedanta Limited finds itself in a "sweet spot", enthused by reforms such as GST, as it gets ready to ramp up capacity with an aim to produce 50 per cent of India's oil output, its chief Navin Agarwal said on Friday.
Based in India, the company said it will soon name its new CEO as the contract of the incumbent, Tom Albanese, ends next month.
"Vedanta is in a sweet spot... Our robust portfolio of tier-1 assets combined with a low cost model have successfully delivered exponential growth. We are on track to achieving over 1.5 million tonnes of zinc-lead capacity... We aspire to grow production and meet 50 per cent of India's oil production," Chairman Agarwal said while addressing the company's annual general meeting on Friday.
The company that reduced its gross debt by more than Rs 10,000 crore over the last 15 months and has one of the strongest balancesheets in the industry expects its 2,50,000 tonne Gamsberg project in South Africa to go on stream next year.