Vedanta to bid in the forthcoming rounds of bauxite auctions, report says

According to a report on December 31, Anil Agarwal-led Vedanta Limited declared that it would bid in the impending rounds of auctions for bauxite and iron ores, while looking forward to the government’s action towards restructuring the import duties of primary aluminium, scrap and downstream products.

Besides, Vedanta is also evaluating a proposal to buy the government’s 53.29 per cent stake in Bharat Petroleum Corporation Limited (BPCL) and residual stake in Hindustan Zinc Limited.

Currently, Vedanta has 64.92 per cent stake in Hindustan Zinc Limited, which is valued at INR 56,817 crore, while the government has a stake of 29.85 per cent worth INR 26,449 crore.

Mr Agarwal expects the Indian government to open more coal blocks for commercial mining, as it will significantly raise the country’s share in GDP from the currently 3 per cent, thereby boosting overall economic activity.

“We have always maintained that given India’s diverse topography and rich mineral resources, share of mining to GDP can easily rise to 10% from the current levels that will also rein in imports for a number of metals and minerals. India has plenty of capacity for metals production and yet we are importing big amounts. To help ‘Make in India’ and the creation of jobs, government should use trade policy strategically,” he said.

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