Anil Agarwal-led Vedanta Group is exploring investment opportunities in Saudi Arabia, the company’s chariman said on Friday.
Vedanta Chairman Anil Agarwal was speaking at ‘Future Minerals Forum 2022’ event held in Riyadh on the huge potential Saudi Arabia has in minerals, including zinc, gold and silver.
“Minerals has one big advantage, because oil and gas cant bring too many downstream products, but minerals can create billion dollar industries,” Agarwal said.
A company statement seperately read it is already in discussions with stakeholders in Saudi Arabia, which is aiming to become a mineral hub in the Middle East.
“Vedanta plans to invest in the mineral sector in Saudi Arabia. The company is in discussions to identify investment opportunities in Saudi Arabia, which aims to transform itself into a mineral hub in the Middle East,” the statement said.
Vedanta has recently unveiled plans for a complete overhaul of the corporate structure and the company is planning to list its aluminium, iron and steel, and oil and gas businesses as seperate entities.
The company hopes that the rejig will result in a tailored capital structure and capital allocation policies based on business specific dynamics.
Vedanta is also looking at distinct investment profiles to attract deeper and broader investor bases and accelerate emissions reduction and strong ESG practices.
On the ESG front, Agarwal has earlier said he is looking to invest $20 billion on transforming operations to produce metals in a sustainable way, without adding any details.
On Friday, Vedanta shares closed 1.59% down at ₹334.30 apiece on NSE.
(With inputs from PTI)