Vedanta to invest $9bn in India

London-based Vedanta Resources Plc will invest roughly $9 billion in India over the next few years to expand its hydrocarbons, metals and mining businesses and meet more of India’s requirements of these commodities locally.

Anil Agarwal, founder and chairman, Vedanta Resources Plc, said: “We are planning to invest $2.5 billion in oil and gas to step up our production to half of India’s crude oil output (from 26 per cent in 2016-17).

“The other proposed investments in India include $1.5-2 billion in the aluminium sector, $2 billion in bauxite mining, $1.5 billion in zinc and $1.5 billion in iron ore mining and steel. Additionally, a part of Vedanta’s proposed $1.5 billion investments in copper will flow into India.“Directly and indirectly, these investments will create over a million jobs,” he added.The company is also looking at investing Rs 4,000 crore ($615 million) in Jharkhand to set up a 1 million tonne per annum plant producing pellets, pig iron and pipes. This plant is expected to create around 5,000 jobs.

London Stock Exchange has proved a popular choice for investors keen to participate in the India growth story, writes a keen observer of the trend.

Despite macro economic uncertainty, London Stock Exchange Group is showing itself to be the ideal partner to India, as Prime Minister Modi embarks on his ambitious plans to revolutionise the country’s economy and infrastructure.

India Inc. hosted the inaugural UK-India Awards in London, where senior British and Indian ministers called for closer ties in a post-Brexit scenario.

London: UK Foreign Secretary Boris Johnson pushed for a speedy conclusion of a free trade agreement (FTA) between India and the UK at the inaugural UK-India Awards in London on May 12.

“Whenever we go to India, we have to pack bottles of whisky because as you know there is a duty of 150 per cent in India on Scotch whisky. But imagine what we could do if there was a free trade deal with India,” Johnson told a packed audience of high-profile parliamentarians, entrepreneurs and senior executives.

India’s Minister for Road Transport, Highways and Shipping, Nitin Gadkari, has described the National Highways Authority of India’s (NHAI) Masala Bond debut on the London Stock Exchange (LSE) as a sign of India’s growing attraction among global investors.

The rupee-denominated National Highways Authority of India (NHAI) Masala Bond issued with much fanfare by the Minister for Road Transport, Highways and Shipping, Nitin Gadkari, in London recently marks the largest ever five-year issuance and has been described as the “largest inaugural transaction in the Masala Bond market”.

The Government of India recently unveiled its vision for India’s steel manufacturing capabilities by circulating a new draft steel policy for 2017 for public discussion and approval by the Cabinet, writes India Inc. policy expert.

India’s new draft ‘National Steel Policy of 2017’ is an outline for attaining a most ambitious target capacity of 300 million tonnes of crude steel capacity by 2030, which is anticipated as the demand for steel by then. India is producing only around a 100 million tonnes today while China, if we must compare, produces around 750/800 million tonnes a year – about 50 per cent of global capacity.

India Inc. property expert unravels the Indian government’s recent Budget for 2017-18 and its impact on the country’s real estate market.

The central theme of the 2017 Budget in early February seems to be towards creating cash flow and consumption from the bottom of the pyramid. This would then flow upwards to more robust and long-term capital formation at the hands of the development companies. The same trend is observed in the changes to the real estate rules in the current Budget.

India’s largest state has caught the attention of investors of late but has a long way to go.

In one of his earliest interactions with the press after the formation of Niti Aayog, India’s premier think tank, two years ago, Vice-Chairman Arvind Panagariya took exception to Rajasthan being referred to as a “BIMAROU” state. The oft-used acronym means diseased or sick in Hindi and is made up of the Indian states of Bihar, Madhya Pradesh, Rajasthan, Odisha and Uttar Pradesh. It was coined in the 1980’s by prominent demographer and economic analyst Ashish Bose to refer to the poor economic conditions in these states.

India’s Minister for Finance and Corporate Affairs, Arun Jaitley, just completed a packed tour of the UK during which Prime Minister Theresa May dropped in to a Downing Street meeting with his British counterpart, Chancellor Philip Hammond. ‘India Investment Journal’ caught up with the senior Indian Cabinet minister in London to explore his message for foreign investors, a possible free trade agreement (FTA) with post-Brexit Britain and the next phase of his dramatic reform agenda for the Indian economy.

Is post-Brexit UK a more, or less, attractive trading partner?

There is a considerable amount of interest in India, particularly after Brexit. Correspondingly my discussions in the past have also indicated that both investors and the government here [Britain] are looking for expanding opportunities of trade with India.