Tycoon Anil Agarwal’s Vedanta Ltd on Friday said it will contribute USD 1.5 billion across its oil and gas, zinc and steel organizations.
Its board at a gathering on Friday endorsed USD 687 million capital spending for boring of new wells at the company’s oil and gas unit, Cairn Oil and Gas, Vedanta said in a stock trade recording.
It additionally endorsed a USD 466 million stage 2 development of the Gamsberg zinc project in South Africa and one more USD 348 million for steel extension.
The USD 687 million “capex speculation is towards infill wells, improvement and investigation. The essential need for the Cairn Oil and Gas business is to increment close term volume through infill wells and add assets through investigation,” the recording said.
It said that USD 360 million have been reserved for infill wells in the productive fields viz Mangala, Bhagyam, Aishwariya, Aishwariya Barmer Hill (all in Rajasthan block) and Ravva in eastern seaward.
“The investigation work program with capex speculation of USD 327 million will be spread across the OALP blocks and PSC blocks including pilot wells for shale,” it said.
The organization had offered and got a few squares for investigation of oil and gas under the Open Acreage Licensing Policy (OALP) in the course of the most recent couple of years.
The Gamsberg Phase II Expansion Project at an expense of USD 466 million will bend over ability to 8 million tons for each annum to deliver extra 200,000 tons every year MiC Zinc. “This venture will bring critical financial advantage and will make Vedanta Zinc International as biggest zinc maker of South Africa.”
Vedanta said it will put USD 348 million in a 3 million tons venture of its auxiliary ESL Steel Ltd.
“The steel development project with a venture of USD 348 million accompanies extra impact heater upheld coke broilers, pellet plant, oxygen plant and different helpers and foundation upgradation including rail line siding to establish head,” it said. “This project likewise accompanies another 0.18 million tons Ductile Iron Pipe Plant which will assist us with boosting VAP.”
This undertaking alongside debottlenecking will ability to 3 million tons for every annum with “the most minimal quartile cost and premium item portfolio,” it added.
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