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Vedanta’s Chairman, Anil Agarwal highlighted the company’s role in India’s dream of an ‘Atmanirbhar Bharat,’ as well as the conglomerate’s growth plans and investments in projects at its 59 th Annual General Meeting. He also discussed Vedanta’s role in India’s aspiration of global leadership in critical minerals, technology and renewable energy. “As we stand on the brink of an amazing transformation, our josh is high,” Agarwal said.

The company delivered strong financial performance and growth on multiple fronts, with many of its businesses — Aluminium, Zinc, Silver, Steel, Iron Ore, and Ferrochrome — achieving their highest-ever annual production levels. This translated into its second-highest annual consolidated revenue of Rs 1,41,793 crores, and second-highest annual EBITDA of Rs 36,455 crores. “We are in the process of aggressively deleveraging our balance sheets. Our debt-to-profitability ratios are at par with or better than our industry peers. Our foundations are strong,” Agarwal said.

Vedanta is investing in key projects as global demand for critical minerals continues to grow. Speaking on this, Agarwal said, “We have over 50 projects under execution with high potential for increasing volume, business integration, and enhancing the range of value-added products across businesses. Our investment in growth projects is substantial, amounting to approximately $8 billion.”

This includes an aluminium smelter and refinery, investment in new oil and gas blocks, and expansion of its steel and iron ore businesses. Vedanta has created significant value for shareholders, with the total shareholder return of 276% over five years (as on 30 June’24) and an average accumulated dividend yield of 65% over five years.

In September, Vedanta announced a plan to demerge its business units into independent “pure play” companies to unlock value and attract large scale investment into the expansion and growth of its businesses. Speaking on the demerger, Agarwal said, “We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value. Each demerged entity will chart their own course but will follow Vedanta’s core values, its enterprising spirit, and global leadership,” he said.

Agarwal also emphasized Vedanta’s sustainability initiatives and the company’s role in transforming the planet and partnering with communities. Hindustan Zinc and Vedanta Limited were ranked 1st and 3 rd , respectively, among 238 global metal and mining companies in the global S&P Global Corporate Sustainability Assessment 2023.

“We are dedicated to achieving net-zero carbon emissions by 2050 and have pledged $5 billion towards meeting that goal. Three of our businesses will be net-zero within the next 10 years, while five of our businesses are already net water positive and the remaining will achieve that by 2030,” Agarwal said.

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