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Vedanta to invest $850 mn in oil sector

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Mumbai : Vedanta Ltd plans to invest $850 mln to increase its crude oil and gas output by 100,000 barrels a day to 275,000-300,000 barrels per day by 2020. The metals-to-oil major also plans to double its copper production capacity to 800,000 tn per year from 400,000 tn a year at an investment $717 mln by 2020. To double its copper production, Vedanta would expand its smelter at Tuticorin, making it one of the largest single-location copper smelting plants in the world, the company said in a press release on Friday.

  The city-based company has already spent $141 mln of the $717 mln planned capital expenditure for its copper operations. Copper operations were the largest contributors to Vedanta’s consolidated topline for Jul-Sep, accounting for almost a third of the company’s total revenue. Oil and gas production of Cairn Oil business would be ramped up through a series of measures .