Indian conglomerate Vedanta seeks global partner for $20 billion expansion plan
Indian metals-to-oil conglomerate Vedanta is looking for a global company to partner with on expansion projects worth $20 billion across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document.
The billionaire Anil Agarwal-led conglomerate -- set to split into four entities, Vedanta Aluminium, Oil and Gas, Power, Iron and Steel -- had earmarked the funds to invest in metals and mining and hydrocarbons in the next three years.
Vedanta did not give specifics for the current tender, which was issued last week.
Its current plans include a $2 billion to $2.5 billion investment to expand subsidiary Hindustan Zinc's production.
Another unit, Cairn India, has a $5 billion plan to grow its oil output by five-fold, while Vedanta's power business is aiming to double its 5-gigawatt (GW) portfolio and expand into nuclear and power distribution.
Vedanta said in February it was looking for partners to build and operate 5 GW of nuclear power for captive use in India.
