Winning Bizness Desk

Mumbai. Vedanta Limited has signed a deal to invest ₹17,000 crore (2 billion USD) in large-scale copper projects in Saudi Arabia. The investment will be executed by Vedanta's subsidiary, Vedanta Copper International, in partnership with Saudi Arabia's Ministry of Investment and Ministry of Industry and Mineral Resources. The project includes setting up a 400 KTPA capacity copper smelter and refinery, along with a 300 KTPA copper rod production facility.

Saudi Arabia's Vision 2030

Vedanta stated that the project aligns with Saudi Arabia's ambitious Vision 2030. The goal is to unlock mineral resources worth 1,300 billion USD and increase the GDP contribution from the mineral sector from 17 billion USD to 64 billion USD.

Project Approvals and Timeline

All necessary approvals for the project have been secured, including land acquisition and technology agreements. Construction at the project site is expected to start soon, with commercial production anticipated by the fourth quarter of the 2025-26 fiscal year. Currently, Saudi Arabia’s copper demand stands at 365 KTPA and is projected to more than double by 2035.

Vedanta's Share Price Surges

Following the announcement, Vedanta Limited's shares saw a rise on Tuesday. The stock closed 1% higher at ₹448.55, with an intraday gain of 2%. The company’s market capitalization currently stands at approximately ₹1,75,400 crore.