vedanta news: Vedanta calls for corporatisation of defence PSUs

Vedanta chairman Anil Agarwal on Saturday pressed for additional liberalisation of the defence sector and referred to as for corporatisation of defence factories to make the nation autonomous in respect of arms and ammunition.

There are 52 defence factories for manufacturing arms and ammunition within the nation however most of them are working at 10 per cent capability, he stated.

“We (India) may be the biggest producer of arms and ammunition. If the defence factories are corporatised it can herald a brand new mind-set,” Agarwal stated whereas addressing the inauguration of a submit graduate programme for executives just about from London.

Vedanta is hopeful of commencing semi conductor manufacturing in India within the subsequent two years, he stated.

“Semi conductors are just like the sutradhar (facilitator) for any trade. Within the subsequent two years we should always begin producing semi conductors in India,” he stated replying to a query.

The corporate had signed a MoU in February this yr with Foxconn to kind a three way partnership to fabricate semiconductors in India.

Stating that there’s a large outgo when it comes to imports of oil and defence merchandise in India, Agarwal remained bullish about oil and fuel output from India because it has a reserve of 300 billion barrels of oil reserves.

“We have to produce no less than 50 per cent of the requirement for power safety,” Agarwal stated

He expressed optimism about bauxite mine privatisation as India holds immense potential for aluminum manufacturing because the demand will shift from metal in a number of functions.

“Bauxite mining will open up within the subsequent one to 2 years,” he stated.