Vedanta shares surge 3% on talks with Assam CM over Rs 50,000 crore investment plan

Shares of mining major Vedanta surged over 3 percent on April 15, a day after Assam Chief Minister Himanta Biswa Sarma held talks with the company to chalk out a detailed plan for group’s Rs 50,000 crore investment in the state.

Speaking at the Advantage Assam summit in February, Vedanta Group Chairman Anil Agarwal had said that conglomerate will invest Rs 50,000 crore in Assam and Tripura's oil and gas sector over the next 3-4 years.

Himanta Biswa Sarma took to X to share the update, 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. 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 highest priority to ensure that a majority of the big-ticket investment proposals take off this fiscal."

There is no better start to Bohag than ensuring that commitments made in the previous year are fulfilled. And its so gratifying.At #AdvantageAssam2 we received investment commitments of 5.19 lakh crore, of which the Vedanta Group has set a target of investing 50,000 cr in pic.twitter.com/fuV5H0XiVY

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