Vedanta has planned a $5bn capital expenditure plan for the next three years, of which $2bn has been earmarked for the oil and gas (O&G) business and the remainder for aluminum, copper, steel and zinc where at least $500mn each would be used. Business Standard notes that the company’s three year capex till FY2020 stood at $2.7bn and the company spent $978mn in 2021, a 14% YoY increase. The new capex is expected to see an increase in capacity by 50% and the company Chairman Anil Agarwal guided for a $7bn profit in FY2022.
Vedanta’s dollar bonds were slightly higher – its 9.25% 2026s were up 0.7 to 88.63, yielding ~12.5%.
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