New Delhi: Industrialist Anil Agarwal-owned mining main Vedanta Group on Friday mentioned it’s exploring funding alternatives within the mineral sector of Saudi Arabia.
The corporate is already in discussions with stakeholders in Saudi Arabia, which is aiming to turn into a mineral hub within the Center East, Vedanta mentioned in an announcement.
“Vedanta plans to invest in the mineral sector in Saudi Arabia. The company is in discussions to identify investment opportunities in Saudi Arabia, which aims to transform itself into a mineral hub in the Middle East,” the assertion mentioned.
In accordance with the assertion, Vedanta Chairman Anil Agarwal on Wednesday attended the ‘Future Minerals Discussion board 2022’ held in Riyadh as a visitor speaker and spoke on the large potential Saudi Arabia has in minerals, together with zinc, gold and silver.
Contemplating the robust demand for zinc and its anticipated scarcity globally, Saudi Arabia is seeking to staff up with world corporations to turn into a number one producer of the steel. Vedanta group firm Hindustan Zinc is among the world’s largest producers of zinc.
“The robust collaboration between India and Saudi Arabia is bringing to the fore huge alternatives. We’re within the strategy of figuring out funding choices within the mineral sector which we consider the nation has in abundance.
“Mining and minerals will play a critical role in the transition to a cleaner and more sustainable world, and we at Vedanta are committed to play an important part in this journey,” Agarwal mentioned on the discussion board.
Saudi Arabia is planning to speculate USD 100 billion within the nation in areas of vitality, refining, petrochemicals, infrastructure, agriculture, minerals and mining. It is usually a key pillar of India’s vitality safety, being the supply of 17 per cent of crude oil and 32 per cent of LPG necessities of India, Vedanta mentioned.