Vedanta Aims To Be A $100 Billion Company By 2030
Last updated on August 11th, 2022 at 06:21 pm
Vedanta has signed an MoU with Foxconn, to set up an integrated semiconductor manufacturing facility in India. Vedanta hopes this is the start of India’s Silicon Valley.
Vedanta and Foxconn, one of the largest electronics manufacturers in the world, have signed an MoU to establish an integrated semiconductor manufacturing plant in India with the goal of establishing a Silicon Valley in the country.
The construction of an Indian Silicon Valley would benefit the entire globe, and I sincerely hope that this is just the beginning, said Anil Agarwal, chairman of Vedanta Resources Ltd., at the company’s 57th annual general meeting (AGM).
“We are foraying into the strategically important world of semiconductor and display manufacturing. In addition to the global shortage of semiconductors, India is entirely dependent on imports. By 2026, it is anticipated that domestic semiconductor consumption would have exceeded $80 billion, and by 2030, it may have reached $110 billion”, he stated.
Vedanta’s finest year was FY22, when it generated record revenue of ₹ 131,192 crore and EBITDA of ₹45,319 crore, up 66% from the previous year and bringing in more than ₹54,000 crore for the government coffers.
“Our company is in a fantastic position for expansion because of our robust cash flows. With a payout of INR 45 per share in FY22, the firm was India’s biggest dividend-paying company. For the fiscal year 2023, our board has already declared interim dividends totaling ₹ 51 per equity share, or INR 18,960 crore.”
The business rejects the idea of basking in success. It has estimated a $ 2 billion capex investment in zinc, oil & gas, and aluminum for FY23 in an effort to increase capabilities across all industries.
With the takeover of Nicomet, the powerhouse has now established itself as India’s sole producer of nickel, a metal with significant demand for batteries and electric vehicles.
The chairman is optimistic that by the time India turns 100 in 2047, it would be a developed nation. Over the years, Vedanta has made investments totaling almost $35 billion in India and has given more than ₹ 2.65 lakh crore to the government coffers in the last 7 years.
