8AUGUST 2024INDIAN OIL CORP SEEKING$ 1 TRILLION VALUATION BY 2047VEDANTA RESOURCES SETTLES DUES WORTH $245M TO REVIVE MINING IN ZAMBIAIndian Oil Corporation, the nation's largest oil firm, is targeting to become a $ 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said.Indian Oil Corporation (IOC) posted a record net profit of Rs 39,619 crore ($ 4.7 billion) on a revenue of Rs 8.66 lakh crore ($ 104.6 billion) in the 2023-24 (April 2023 to March 2024) fiscal.The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report.It will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility."With India's economy on the rise, the energy needs of the country are growing exponentially. As 'The Energy of India', we have been stepping up the pace and expanding our capabilities. We aim to become the nation's lead energiser, fulfilling 12.5 percent (1/8th) of India's energy needs by 2050," he said.IOC, he said, "embarking on an aspirational journey to become a 'One Trillion Dollar Giant' by 2047"."Our goal to attain a revenue of one trillion dollars is set against the backdrop of India's vision to transform into an economy of over $ 30 trillion by 2047," he added.IOC will "make significant capital investment in both brownfield and greenfield expansions to ensure uninterrupted energy," Vaidya said. UK-based Vedanta Resources, the parent company of India's Vedanta, has settled dues worth $245.75 million to help revive operations in the Konkola Copper Mines (KCM) in Zambia. This settlement is part of a deal to regain control of the mines, the Indian miner announced on Friday. Owned by billionaire Anil Agar-wal, Vedanta Resources regained control of the copper mines and smelter in November 2023 after the Zambian administration seized them in 2019. However, the com-pany needed to pay creditors of the mines to restart op-erations.Vedanta Resources gained control of KCM's assets following a five-year legal battle after former Zambian President Edgar Lungu accused the company of failing to invest in expanding copper production, leading to the sei-zure of its assets. The UK-based company will still need to raise an additional $1 billion to revive KCM's mining operations and invest in advancing the Konkola Deep Mining Project, which holds one of the richest copper deposits in the world, as per a Reuters report from early July.The Zambian government owns a 20 percent stake in KCM through the mining investment company ZCCM, while Vedanta Resources owns the remaining 80 percent. Last month, Anil Agarwal stated that Vedanta Resources is looking to reduce its debt by $3 billion over the next three years as the company grapples with mounting debt and multiple rating downgrades since last year. TOPSTORIES
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