TMC government proactively sought investments: Vedanta’s Anil Agarwal

Vedanta chairman Anil Agarwal on Monday said the Mamata Banerjee government had contacted him within a fortnight of her party’s return to power seeking investments from his industrial group in West Bengal.

Agarwal, speaking at an open virtual discussion with Indian Chamber of Commerce, appreciated the change of mindset of governments at the Centre and in the state with their proactive approach towards investors.

“It is remarkable. Within 14-15 days of formation of the government in Bengal, I got two communications for investment in the state,” he said but did not elaborate.

Agarwal also appreciated Central ministers for valuing what industry wants and said the government can divest 60-70 per cent stake in PSUs as hive-off would take time. The value creation in the PSUs can be at least 3-4 times, he added.

Agarwal expressed bullishness about the power sector. He said power could be supplied at Re 1 available at Rs 2- Rs 3 per unit. “If efficiently produced it will cost about Re 1 a unit,” the head of the USD 12 billion revenue group said.

In February this year, Agarwal had said that Vedanta had partnered with London-based global investment firm Centricus for creating a USD 10 billion fund that will invest in stake sale of public sector companies by the Indian government.

Vedanta is a diversified natural resources company with interests in zinc-lead-silver, Iron ore, steel, copper, aluminum, power, oil, and gas.

ET Energy World
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