Anil Agarwal-led Vedanta is set to establish a one lakh tonne continuous copper rod plant in Saudi Arabia through its subsidiary, Malco Energy. The initiative involves the creation of a new entity named Vedanta Copper International VCI Company Limited.
Proposed to be located in Dammam, the plant aims to address the increasing demand for high-quality wire rod in the market. This strategic move aligns with Saudi Arabia's 2030 vision, focusing on diversification, domestic manufacturing, and industrial development.
Vedanta's Copper Business currently extends across India, with units in Tuticorin (Tamil Nadu) and Silvassa (West India), as well as operations in Fujairah, UAE. With its venture into Saudi Arabia through Vedanta Copper International, the company is expanding its footprint in the global copper market. It is noteworthy that Vedanta's Tuticorin plant had suspended operations in 2018 due to environmental concerns.
Puneet Khurana, Deputy CEO of Vedanta (Copper Sector), highlighted the Saudi government's proactive approach in inviting industries to contribute to its development activities and Vision 2030. He emphasized the significant role the metal and mining industry is poised to play in driving Saudi Arabia's economic growth.
The anticipated completion of the copper rod mill project by Q4 FY’24 positions Vedanta to explore further opportunities in the copper value chain within Saudi Arabia. As a mining conglomerate, Vedanta is expected to play a pivotal role in enhancing domestic manufacturing to meet the region's growing demand, thereby strengthening the bilateral relations between India and Saudi Arabia.
On the domestic front, Khurana added that the Indian Copper Industry is anticipated to witness substantial growth in the coming decade. Vedanta aims to contribute around 45 per cent to the domestic market share by 2030, signaling its commitment to the expansion and development of the copper sector in India.
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