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Vedanta to invest Rs 8,500 crore in South Africa for mining business expansion

Vedanta to invest Rs 8,500 crore in South Africa for mining business expansion

N Vedanta Resources Ltd Monday announced a fresh investment of Rs 8,500 crore to expand its mining and allied operations in South Africa and has committed to invest another Rs 60,000 crore in India in the next three years.

“Vedanta Resources Ltd…whose chairman Anil Agarwal, was part of the…South Africa President Cyril Ramaphosa’s high-powered delegation for India’s 70th Republic Day celebrations, has announced a fresh investment of Rs 8,500 crore ($1.2 billion)…in the land of Nelson Mandela,” the company said in a statement.

“On the home front, Vedanta has so far invested Rs 2.34 lakh crore (US$33 billion) and has committed to invest another Rs 60,000 crore (US$8 billion) in the next three years,” the company said.

The South African President acknowledged Vedanta’s contribution in South Africa’s growth journey.