Bharti Airtel Lanka, a subsidiary of Indian telecom giant Bharti
Airtel, has signed a $100-million investment agreement with the Board
of Investment (BOI) of Sri Lanka to begin Lankan operation by this
year. The agreement is the second phase of the company's commitment to
invest $200 million in Sri Lanka over the next 5 years, officials of
BOI said. With mobile penetration in Sri Lanka estimated at around 30%,
Bharti is looking at cornering a high market share.
VEDANTA TIES UP WITH WEST BENGAL GOVERNMENT TO SET UP ALUMINIUM COMPLEX
VEDANTA Resources, the $6.5-billion diversified metals and mining group, has signed a development agreement with the West Bengal government to set up a large aluminium complex at Bidhanbag in Asansol at an investment of Rs 20,000 crore.
This marks the first major investment by a global aluminium company in the state’s non ferrous metals sector. The aluminium complex will have 6.5 lakh tonne per annum smelter and a power plant of 3,000 mw. The total land requirement for the project is some 1,000 acres.
In the first phase, the company plans to set up a 1,500 mw power unit, most of which is likely to be consumed for captive purposes. “We will bring alumina from Orissa to feed the West Bengal plant,” Vedanta Group executive chairman Anil Agarwal said.
“The state government has promised us good quality coal. Since energy costs comprise the bulk of the production cost in aluminium, we decided to expand into West Bengal. The local people in Asansol have also shown tremendous interest in the project,” he added. WBIDC MD MV Rao and Vedanta CEO & director Pramod Suri signed the agreement.
Vedanta also plans to develop a metal park in the region once the smelter and power plant become operational.
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