Vedanta Resources would not venture into downstream industries and would remain as a supplier of raw material, its chairman Anil Agarwal has said in a post on microblogging site Twitter.
The decision of the London-listed group comes ostensibly after setbacks it has suffered in its Orissa aluminium project and the scarcity of bauxite for its India operations.
Vedanta recently executed a merger of group firm, Sterlite Industries, with its smaller firm, Sesa Goa, to create Sesa Sterlite. It has also demerged its oil and gas and aluminium businesses and incorporated them in the new entity.
“Vedanta Resources Plc will not go for downstream industries. The company will always remain as supplier of raw material. This will give avenues for entrepreneurs to develop downstream industries, thus creating millions of job opportunities,” Anil Agarwal tweeted on Thursday.