India - Vedanta cuts investment and aluminum expansion plan

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Vedanta Resources has cut its investment plan by USD 2 billion and deferred its planned aluminium expansion after the company was denied a licence by the Indian Government to mine bauxite in Orissa.

Mr Mahendra Singh Mehta CEO of Vedanta Resources said that the capital expenditure revision will have an impact of USD 1.5 billion to USD 2 billion.

The company has suspended work on its Lanjigarh alumina refinery expansion and postponed the first metal tapping at the Jharsuguda II and Korba smelter projects.