Vedanta chairman reiterates firm belief on his company¡¯s efficiency and growth during AGM

During the Annual General Meeting of Vedanta Resources in London on August 5, company chairman Mr. Anil Agarwal reaffirms his faith on the positive global market trend and the fast moving Indian economy.  He assures that Vedanta is well ahead of its worst time and the turnaround in the commodity sector is finally there.

He pointed towards Vedanta’s strength that lies in its high-quality portfolio of assets. In a challenging market struggling with lower commodity prices, Vedanta proved its efficiency as a low cost producer and generated strong cash flow, brought down net and gross debt and delivered strong EBITDA margins during the 1st quarter and the last FY.

He sounded positive about the fastest growing Indian economy, which is expected to drive demand for commodities in the global market. He also said that the new mining bill in India, and the mining mines, will open up the natural resources sector. He said Goods and Services Tax Bill, with a uniform tax code, will attract more investment. He believes Vedanta, being a a global resources company operating in India, its investors can take a share in India's success story.

He was a part of Indian Prime Minister’s visit to South Africa. Vedanta has a business presence in Africa. He expects Vedanta’s zinc project in South Africa will contribute significantly to the country.
 
He said the engineers, geologists and young professionals working with Vedanta are leveraging technology and innovation for sustainable operations for which he announced 30 million dollars of funding for in-house R&D programme for the current year.

He said Vedanta is committed to "Zero Harm", "Zero Discharge" and "Zero Waste" principles in its operations. Another strategic objective of Vedanta, he pointed out is to simplify the group structure so that shareholders get the maximum returns on their investment. That is the reason behind the newly announced terms for the Cairn India - Vedanta Limited merger which he expects to bring about a win-win situation for both the shareholders of both the companies and simplify financial and operation management.

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