Shares of Vedanta Ltd were trading in the green and 3% higher on 15 April after the company had a talk with Assam Chief Minister Himanta Biswa Sarma to discuss a comprehensive plan for the group’s Rs 50,000 crore investment in the state.

Vedanta Group Chairman Anil Agarwal stated at the Advantage Assam summit in February that the conglomerate plans to invest Rs 50,000 crore in the oil and gas sectors of Assam and Tripura over the next 3-4 years.

Assam’s Chief Minister said, “At Advantage Assam 2 we received investment commitments of Rs 5.19 lakh crore, of which the Vedanta Group has set a target of investing Rs 50,000 crore in the State.”

Biswa added,” Today I had an extensive meeting with representatives from Vedanta to chalk out a time frame on realising these investments, particularly in the field of energy exploration and drilling. We are according to our highest priority to ensure that a majority of the big-ticket investment proposals take off this fiscal.”

While speaking at the summit earlier this year, Vedanta Group Chairman Anil Agarwal said, “We produce oil in three areas in Assam. Today, 90% of Assam’s petrol-producing geology is owned by the government and 10% in owned by the private sector. We are part of this 10% category. Within 2 years, we will produce 100,000 barrels here.”

At 3:04 pm, the shares of Vedanta were trading 3.95% higher at Rs 395.15 on NSE.

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