Vedanta Ltd. (VEDL.NS), Wednesday announced an MoU with the Ministry of Investment and Ministry of Industries & Mineral Resources of the Kingdom of Saudi Arabia to develop copper projects in Ras Al Khair Industrial City.
The company intends to start the $2 billion investment operations with a 125 KTPA copper rod mill project. The operations also include a 400 KTPA greenfield copper smelter and refinery, and a 300 KTPA copper rod project.
The investment will create thousands of job opportunities, facilitate the development of hundreds of downstream industries, and will contribute about $19 billion to the national GDP, the company added.
Currently, Vedanta's stock is trading at INR 445.80, down 0.58 percent on the National Stock Exchange.
For comments and feedback: editorial@rttnews.com