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.

Once the darling of investors, Maharashtra seemed to have lost its way in the middle but is now charging forward again.

In mid 2015 when a delegation from Taiwanese contract manufacturer Foxconn was scouting for a suitable destination for investments in India and South East Asia, the western state of Maharashtra was not even in their initial list of considerations. States such as Gujarat that has a reputation as being most friendly for business, Karnataka that has an established Information and Technology hub, and Andhra Pradesh which is rebuilding and aggressively wooing potential investors with sops after Telangana was carved out of it, were the first stops. Also in contention were countries like Indonesia and Malaysia that also have a reputation for being investment friendly and share greater cultural linkages with the Chinese firm.

Nagpur is often referred to as the ‘Orange city’ of India because of the juiciest varieties of the fruit found in its orchards. It is the winter capital and the third largest city of Maharashtra, after Mumbai and Pune. Nagpur is also referred to as the second capital of the state, as many of the government offices are based in the city. Among the greenest cities of India, Nagpur’s parks and wildlife sanctuaries help create its scenic landscape. The easy availability of natural resources and climate has attracted human settlement to the region ever since the pre-historic era.

Senior Columnist Ashok Malik explains how Assembly elections in five states of India will impact growth and investments in the country.

How will this round of elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur affect economic reforms?

This is the last round of elections before the rollout of the Goods and Servce Tax (GST). A good performance by the BJP is sine qua non for the smooth rollout of this reform, which, arguably is the most import tax reform ever undertaken in India.

On the other hand, a poor performance by the BJP will embolden the Opposition to close ranks and put roadblocks in the path of GST. Coming to the individual states, the results in UP will be the most important. If the BJP does well, it will indicate that the BJP is holding on to its performance in 2014 (when it won 71 out of 80 seats and 2 seats went to its ally Apna Dal).

Shruti Chandra gave up a promising career at a global Big 4 consultancy to help build India into the world’s top investment destination. Her job: hand hold foreign investors from conceptualisation to cash flow.

It was a mini-crisis. One of the world’s largest retail chains had been served notice to shut shop at duty free areas of Delhi and Mumbai airports. Reason: its security clearance had expired.