The company said that the strategic priority for the Cairn Oil & Gas business is to increase near-term volume through infill wells and add resources through exploration. In order to deliver this, the board of directors has approved a capex investment (net) of $687 million.
Vedanta further informed that at Zinc International, the Gamsberg Phase II Expansion Project at a cost of $466 million will double up Gamsbergs capacity from 4 MTPA Ore to 8 MTPA to produce additional 200ktpa MiC Zinc. It will make Vedanta Zinc International as largest zinc producer of South Africa.
Further, it has set aside $348 million for an expansion project at its subsidiary ESL Steel.
?The steel expansion project with an investment of $348 million comes with an additional blast furnace of 1050 m3 supported by 0.5 MTPA coke ovens, 1.8 MTPA pellet plant, 800 TPD oxygen plant & other auxiliaries and infrastructure upgradation including railway siding to plant head. This project also comes with a new 0.18 MTPA ductile iron pipe plant which will help us to maximize VAP.
This project along with debottlenecking of blast furnace number 3, sinter plants & new LRF will take the company to the capacity of 3 MTPA with the lowest quartile cost & premium product portfolio.
Vedanta Group is a globally diversified group of companies with a presence in metals, mining, oil & gas, power, telecom, and glass. Vedanta Group has a presence in the electronics and technology business through group companies, Avanstrate Inc. and Sterlite Technologies.
On a consolidated basis, the diversified natural resources firms net profit rose 26% to Rs 4,164 crore on 50% increase in net sales to Rs 33,697 crore in Q3 FY22 over Q3 FY21.
The scrip rose 0.29% to currently trade at Rs 411.35 on the BSE.
Powered by Capital Market – Live News
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.