Vedanta to invest $1 bn in Jharkhand: Anil Agarwal

 

LATEST NEWS – Keen to get a strong foothold in Jharkhand, mining baron Anil Agarwal on Thursday said he has “big plans” for the state but initial foray will be with $1 billion investment that includes setting up a 1 million tonne steel plant.

Dubbing Jharkhand as “a diamond in the crown of the world”, Vedanta Resources Group Chairman Anil Agarwal said the state is “full of potential” and Vedanta has big plans for it.

“There is a lot of potential…This (Jharkhand) is a real Australia in India with its huge natural resources. We have a big plan but we will start with the medium size or small size project. We intend to set up a one million tonne of steel plant,” Agarwal told PTI in an interview.

Vedanta has lined up about a “billion dollar” investment for Jharkhand initially that includes setting up a one million tonnes steel plant, the head of the mining conglomerate said.

“Once we start and find that things are comfortable, we can always enhance. We have identified the place. We have some iron ore deposits there which I would like to explore and develop. It is just a first step,” Agarwal said, adding that the timeline set for the plant is two years. READ MORE

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