Message Ven 9 Déc 2011 10:42

Anil a des ambitions, mais faudra des munitions !!

9 DEC, 2011, 04.31AM IST, HIMANGSHU WATTS,ET BUREAU
Vedanta Resources plans to double crude output from Rajasthan block
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Read more on »Vedanta Resources|Sterlite Industries|Hindustan Zinc Ltd .|energy security|Cairn India|Anil Agarwal|aluminium business


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NEW DELHI: Vedanta Resources plans to quickly double crude oil output from Cairn India's Rajasthan block in partnership with the government. It will also expand operations globally to boost India's energy security, the LSE-listed firm's Chairman Anil Agarwal said after completing the $8.67-billion ( 45,000 crore) acquisition of Cairn's Indian unit.

Speaking to ET from London after completing a deal that took over a year to get past government hurdles, Agarwal was also optimistic that environmental problems with the aluminium business would also be eventually solved.

"I was born in Bihar. I'm confident everything will be sorted out. My heart says it will be done," Agarwal remarked, pointing to his group's contribution to the Indian economy which, hesaid, includes an investment of $15 billion and the highest income tax payment of 5,000 crore.

The 57-year-old, who has grown his business empire spanning aluminium, copper, zinc, lead, silver, iron ore, power and hydrocarbons through bold acquisitions, said he was relieved at the conclusion of the Cairn-Vedanta deal. "It has been a long time," he said.

The acquisition, Agarwal observed, is linked to the issue ofIndia's energy security. While China produces 50% of its oil requirement and there are 70 companies working there, India produces hardly one-third of its needs and has only Cairn, Reliance and the government as major players, he said.

"We need to enhance our oil and gas production. We believe that Cairn has a lot of potential and immediately we are looking to double the capacity. It will be done very quickly. We want to go along with the government, which is a partner."

Asked if Vedanta would use its international operations for Cairn, particularly in countries where the group is already active, he said this was a definite possibility. "We have a very strong presence in Africa. We understand these countries. Definitely, wherever there is opportunity, we will assess, but our immediate focus isRajasthan."

The Vedanta group, whose businesses include non-ferrous metals company Sterlite Industries, miner Sesa Goa and Sterlite Energy, has overseas operations in countries including Zambia,Namibia, South Africa, Liberia,Ireland and Australia. It employs 31,000 people worldwide.

Agarwal said Vedanta would scale up Cairn India's operations the way it had done in other companies the group acquired, including Hindustan Zinc Ltd. The company would use the same management team it had before the acquisition. Agarwal agreed that there is a perception that decision-making in India has slowed down, but to operate in the country, patience is a must.

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