Vedanta Is Preparing For Big Investment

Vedanta is preparing for a big investment, will try its strength in these sectors. India’s big industrialist Anil Agarwal’s Vedanta Limited is going to make a big investment.

The company has said that it will invest $1.5 billion in its oil and gas, zinc, and steel business.

Its board in a meeting on Friday approved capital spending of $687 million for drilling new wells at the firm’s oil and gas arm, Cairn Oil & Gas.

Vedanta, in a stock exchange filing, said it has approved a $466 million proposal for the Gamsberg Phase-II Project of Zinc International and a $348 million steel expansion in South Africa.

Vedanta is preparing for a big investment: The filing said $687 million would be used for well development and research.

The strategic priority for the Cairn Oil & Gas business is to grow volumes over a short period of time through infill wells and resource mobilization through research.

It said that $360 million has been earmarked for wells in areas like Mangala, Bhagyam, Aishwarya, Aishwarya Barmer Hill (all in the Rajasthan block), and Rawa in the eastern offshore.

The research program, with a capital expenditure of $327 million, will be spread across OALP blocks and PSC blocks, including pilot wells for Shell.

The company had bid for oil and gas exploration under the Open Acreage Licensing Policy (OALP) in the past few years and had taken a few blocks.

The Gamsberg Phase-2 expansion project at a cost of $466 million will double capacity to 8 million tonnes per year to produce an additional 200,000 tonnes of MIC zinc per year.

The project will bring significant socio-economic benefits and make Vedanta Zinc International the largest zinc producer in South Africa.

After such a big action on Supertech, now how can customers get their flats.

Due to the bankruptcy of Supertech, the wrinkle has come on the forehead of the buyers who bought the house in its project.

However, Supertech is not the first developer to go bankrupt. Jaypee Infratech has gone into the insolvency process in August 2017.

Now the question arises that how will 25000 customers get their flats?

Experts say that there is no need for customers to panic in this case. He should immediately meet IRP Hitesh Goyal and file his claim.