Vedanta charts $5 billion oil & gas push, targets sharp capacity expansion across businesses

Oil-to-metals conglomerate Vedanta on Tuesday unveiled an ambitious expansion roadmap across its metals, mining and energy businesses, outlining plans to sharply increase production capacities over the coming years while committing a $5 billion investment in its oil and gas business.

Addressing the company's annual general meeting (AGM), Vedanta Chairman Anil Agarwal said the company aims to nearly triple its zinc and lead production capacity to 3 million tonnes by 2031, reinforcing its position in one of its largest businesses.

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The company also plans to double aluminium production capacity to 6 million tonnes per year over the next three years, while its iron and steel business is targeted to expand from 4 million tonnes to 15 million tonnes annually, Agarwal said.

On the energy front, Agarwal said Vedanta would invest $5 billion over the next three to five years to expand its oil and gas business.

"Will invest $5 bln over three to five years for Vedanta Oil & Gas," he said at the AGM.

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He added that the company is targeting oil production of 500,000 barrels per day, saying, "At Vedanta Oil and Gas, we aim to produce 500,000 barrels per day."

The expansion plans underscore Vedanta's strategy to significantly scale up capacity across its core businesses as it seeks to meet rising domestic demand while strengthening its global presence in metals and natural resources.

The comments come as the conglomerate's four demerged entities- Vedanta Aluminium Metal Ltd, Vedanta Oil & Gas Ltd, Vedanta Power Ltd and Vedanta Iron & Steel Ltd- debuted on stock exchanges on June 15.

Vedanta Oil & Gas reported a 16% year-on-year decline in average daily gross operated production in FY26, while revenue fell 13% to Rs 9,582 crore, according to an investor presentation dated April 29. EBITDA declined 7% from a year earlier to Rs 4,664 crore.