Rajasthan CM and Vedanta Chairman discuss a shared vision of robust growth & development powered by the natural resources sector
Bengaluru, 08th July 2024: Shri Anil Agarwal, Chairman of Vedanta Group, today met with Shri Bhajan Lal Sharma, the Hon’ble Chief Minister of Rajasthan, to discuss the state’s outlook and plans for the natural resources sector – metals, minerals, and oil & gas – which is crucial for creating large-scale employment opportunities and contributing to the state’s economic growth, as well as nation building.
Vedanta has made investments in excess of INR 1.50 Lakh Crore in Rajasthan to date. Two of its flagship businesses Hindustan Zinc Limited – the World’s second largest integrated Zinc producer and 3rd largest producer of Silver, and Cairn Oil & Gas, India’s largest private oil producer, have their largest operations in the state. In FY 24, Vedanta’s contribution to the State Exchequer was INR 10,000 Cr.
Reinforcing the Vedanta Group’s steadfast commitment to the State, Shri Anil Agarwal, Chairman of Vedanta Group, said, “Rajasthan is a national natural resources growth engine with the potential to power an Atmanirbhar Bharat across the minerals, metals, and oil & gas sectors. Both, the state of Rajasthan and Vedanta, are open to further collaboration aimed at fuelling India’s ambition of becoming self-reliant in natural resources and thus a global manufacturing hub.
“My discussions with Shri Bhajan Lal Sharma were highly productive, sharing the vision of his government for the state’s growth centred around transparency, efficiency, and value to global investors. Under his leadership and our long-standing partnership, the government’s thrust on mineral exploration, value-addition, research & development, and innovation will lead to a glorious chapter in the legacy of this incredible state.”
Under Vedanta’s leadership, Hindustan Zinc’s market capitalization since its disinvestment in 2002 has grown more than 400 times from about INR 650 crores (USD 100 million) to about INR 2,90,000 crores (USD 34 billion) and made the company a world leader. Hindustan Zinc is also recognised as the world’s most sustainable metals and mining company as per S&P Global.
Cairn Oil & Gas, also part of the Vedanta Group, contributes 25% of India’s domestic crude production, a large part of which is from its operations in Barmer, Rajasthan. Cairn also recently implemented the largest commercial Alkaline Surfactant Polymer (ASP) flooding procedure in the high oil viscosity Mangala field in Barmer to enhance recovery from the matured field. Cairn is also executing the largest exploration project by any private company in India and has plans to drill exploration and development wells in Barmer in FY25.
Through these companies, Vedanta has created more than 50,000 direct and indirect job opportunities in Rajasthan.
Beyond business, Vedanta has signed an MOU with the Government of Rajasthan to develop 25,000 Nand Ghars across the state which will positively impact the lives of 10 lakh children and 7.5 lakh women. Nand Ghars are modern-day, technology-enabled anganwadis developed by Vedanta which serve as holistic centres of learning and development for women & children from the community. Vedanta’s community development initiatives span women empowerment, sustainable livelihoods, education, healthcare, infrastructure, grassroots sports, and culture, benefiting about 2 crore people across Rajasthan.
