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Monday, January 11, 2016

Hindustan Zinc set to invest Rs 8,000 cr in next 3-5 years

Mining and resources producer Hindustan Zinc Ltd has announced that it plans to invest a mammoth amount of Rs 8,000 crore in the course of the next three-five years as the subsidiary of the Vedanta Group steps up its efforts to expand operations and boost production capacity.

Hindustan Zinc said in a statement that it is planning to boost its existing ore production levels to 14 million tonnes per annum (MTPA) from 9.36 MTPA while it aims at increase its finished metal output levels from the current 0.85 MTPA to 1.10 MTPA.

“As the company celebrates its Golden Jubilee year, it is all set to invest another Rs 8,000 crore in the coming 3-5 years on expansion of its mines and smelting operations”, Hindustan Zinc Ltd (HZL) said, which in 2016 completes 50 years of existence.

“When we acquired HZL as part of government's disinvestment programme in 2002, our focus was to make India self-sufficient in zinc. We are very proud that by adopting latest environment friendly technology, large investment in capacity expansions and continuous exploration, HZL is able to increase production five-fold and yet have reserves for another 30 years”, Anil Agarwal, Vedanta Group Chariman said.

HZL which was acquired by Sterlite (now called Vedenta) in 2002 produces 474 MW of captive thermal power and 274 MW of wind energy.Hindustan Zinc set to invest Rs 8,000 cr in next 3-5 years