Mining conglomerate Vedanta Resources will invest USD 30 million (about Rs 200 crore) in research and development (R&D) activities, its Chairman Anil Agarwal said today.
“The company will continue to invest in best-in class technology for all its assets. For this reason I announced this year 30 million dollars of funding for our in-house R&D programme,” he said. Speaking to shareholders at the London-listed firm’s annual general meeting, Agarwal said it is an exciting time for the Indian economy, which will drive the demand for commodities globally. “We are witnessing a gradual turnaround in commodities sector and I believe the worst is behind us. Vedanta has a high-quality portfolio of assets. We have demonstrated our efficiency as a low cost producer in a challenging market with lower commodity prices,” he added. The company has generated strong free cash flow, reduced net and gross debt and delivered strong EBITDA margins, the billionaire said.