Vedanta Group signs 25 MoUs at 'Elements 2008'

Mumbai, Jan 16: World's third largest metal makers, Vedanta Group has signed about 25 Memorandum of Understandings (MoUs) with its vendors, partners, entrepreneurs and industry experts in the metals and mining sector at the two-day business summit 'Elements 2008' to set up plaster board units using gypsum.

Other similar MoUs are under discussion on the concluding day of the event. Vedanta Resources Chairman Anil Agarwal told mediapersons, ''The summit was a great success, we will continue to engage with our business partners beyond this summit and partner with them so that they can be a part of our growth. We see tremendous opportunities for economic progress in the coming years. The challenge is to make this progress equitable and beneficial to all sectors of the society.''

The unique event attracted over 1,500 vendors including over 150 foreign delegates. The participants attended parallel sessions on opportunities in logistics, engineering equipment and services, mining, commodities, power, technology and entrepreneurship development.

''Vedanta plans to invest an additional USD 12.5 billion to power its growth momentum with a clear focus on metals and mining and power generation. The Company aims to increase production capacity in each of its primary metals -- aluminium, copper, zinc and lead -- to one million tonnes per annum and over 20 million tonnes per annum of iron ore. The Company also plans to set up commercial power generation capacity close to 10,000 MW in the next few years,'' Mr Agarwal added.

Talking on the sidelines of the event, Vedanta CEO Kuldip Kaura told UNI that Vedanta Resources is a London listed FTSE 100 metals and mining company, with a current market capitalisation of nearly USD 13 million. Its principal operations are in India, Zambia and Australia.

The major metals produced are aluminium, copper, zinc, lead and iron one. The Company has recently entered the commercial energy generation business with plans to construct upto 10,000 MW power plant in the next four to five years through a subsidiary company, Sterlite Energy, he added.

The company is yet to come in the capital market of Initial Public Offering (IPO). We are working out with merchant bankers, Mr Kaura said.

Vedanta presently has over 5,000 vendors and given its expansion plans, it expects to strengthen its relationship with its existing partners as well as develop an additional 1,000 business partnerships with potential entrepreneurs.

Currently, Vedanta buys goods and services valued at USD three billion. In view of the expansion plans, this spend is expected to double during the next three years.

The Vedanta companies which participated in 'Elements 2008' include Sterlite Industries (India), Hindustan Zinc, Sesa Goa, Vedanta Aluminium, Madras Aluminium, Sterlite Enegry and Bharat Aluminium.

UNI