Anil Agarwal bets $20 billion on aluminium, steel, and zinc, and says Vedanta is only getting started

Vedanta Chairman Anil Agarwal announced an aggressive $20 billion capex plan over three years targeting 6 million tonnes of aluminium capacity, a scale-up of steel from 4 MT to 15 MT, and 2 MT of zinc output via Hindustan Zinc (65% owned). The group plans to spin out green steel as a standalone company and is targeting 3x growth in three to four years. Agarwal noted group debt has been reduced from $12 billion to $5 billion and is expected to fall further, with each vertical self-financed from a $10 billion group EBITDA base.