Vedanta Ltd on Friday approved investments in three projects including the capex investment of $687 million in Cairn Oil & Gas business towards infill wells, development and exploration.
“The strategic priority for the Cairn Oil & Gas business is to increase near term volume through infill wells and add resources through exploration,” Vedanta said in a statement.
Of the total capex earmarked, about $360 million have been set aside for infill wells in the prolific fields viz Mangala, Bhagyam, Aishwariya, Aishwariya Barmer Hill, Ravva, etc.
The exploration work program with capex investment of $327 million will be spread across the OALP blocks and PSC blocks including pilot wells for Shale.
Further, Vedanta has also approved investment of $466 million in Gamsberg Phase II Expansion Project that will double up Gamsberg capacity from 4Mtpa Ore to 8Mtpa to produce additional 200ktpa MiC Zinc.
This project will bring significant socio-economic benefit and will make Vedanta Zinc International as largest zinc producer of South Africa, the company said.
Another investment project worth $348 million is for the steel expansion project that comes with an additional Blast Furnace of 1050 m3 supported by 0.5 MTPA Coke Ovens, 1.8 MTPA Pellet Plant, 800 TPD Oxygen Plant & other auxiliaries and infrastructure upgradation including Railway siding to Plant head.
“This project also comes with a new 0.18 MTPA Ductile Iron Pipe Plant which will help us to maximize VAP. This project along with debottlenecking of BF#3, Sinter Plants & new LRF will take us to the capacity of 3 MTPA with the lowest quartile cost & premium product portfolio,” Vedanta said.
On Friday, Vedanta shares closed 0.18% lower at ₹410.40 apiece on NSE.
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