Companies

Vedanta Group plans ₹5,000 cr social spending over 5 years

Our Bureau Mumbai | Updated on July 02, 2021

Anil Agarwal, Executive Chairman, Vedanta Resources

That includes major investments in a Corona-free village project across 1,000 villages in 12 States

The Vedanta Group, a natural resources producer, plans to invest ₹5,000 crore over next five years focusing on providing nutrition, women and child development including major investments in a Corona-free village project across 1,000 villages in 12 states.

The first of its kind social impact programme will be run by Anil Agarwal Foundation which will be the umbrella entity of Vedanta’s social initiatives and provide all-round development to work towards these goals over the next five years.

Addressing media, Anil Agarwal, Chairman, Vedanta Group said the family has already pledged 75 per cent of their wealth towards social good and upliftment of masses.

The Group has already spent ₹2,000 crore in last year in various social projects, he said.

The newly launched 'Swasth Gaon Abhiyaan’ will be a mega project which will enhance ‘immunity in community’ to ensure minimum impact of Covid, as part of their overall objective of providing social development and infrastructure as an essential service to the nation, he said.

In addition, this will also enhance job opportunities, reskill the youth and bring in stability which is key to economic growth for India. KPMG will be a strategic partner of Anil Agarwal Foundation in implementing this massive programme.

On the Group's capex plan, Agarwal said it will invest $5 billion in three years with $2 billion going for oil and gas alone while the other businesses aluminium, copper, zinc, steel and iron ore getting about $500 million.

The Group targets to make $7 billion profit this year, he said.

Published on July 01, 2021

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