Vedanta Chairman Calls For Corporatisation Of Defence Psus
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Anil Agarwal, the chairman of Vedanta has called upon the corporatisation of defence factories to make India self-reliant in terms of arms and ammunition. The chairman of the Mumbai-based mining company, has pressed on further liberalisation of the country’s defence sector.
Agarwal pointed out that in India, there are 52 defence factories for manufacturing arms and ammunition, however, most of them are running at 10% capacity.
The Vedanta chairman while addressing the inauguration of a post-graduate programme for executives virtually from London, on Saturday, stated that the country can be the largest producer of arms and ammunition, if defence factories are corporatised, adding he said, “it will bring in a new way of thinking,”
Further, Agarwal stated that Vedanta is hopeful of commencing semiconductor production in the country in the next two years.
As per PTI report, Agarwal said while replying to a question that “Semiconductors are like the sutradhar (facilitator) for any industry. In the next two years, we should start producing semiconductors in India.”
Earlier in February this year, Vedanta signed an MoU with Foxconn to form a joint venture to manufacture semiconductors in India.
Agarwal said that there is a huge outgo in terms of imports of oil and defence products in India. He further added that he remains bullish about oil and gas output from India as it has a reserve of 300 billion barrels of oil reserves.
“We need to produce at least 50% of the requirement for energy security,” Agarwal said in the report.
Agarwal further expressed optimism about bauxite mine privatisation as India holds immense potential for aluminum production as the demand will shift from steel in several applications.
Also, Agarwal announced that Bauxite mining will open up in the next one to two years.
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