Vedanta Group to invest Rs 50,000 cr in 3-4 years in oil and gas in Assam, Tripura

Guwahati: Mining major Vedanta Group chairman Anil Agarwal on Tuesday announced that it will pump in Rs 50,000 crore in Assam and Tripura's oil and gas sector over the next 3-4 years.

Speaking at the inaugural function of the Advantage Assam investment summit here, he said group firm Cairn Oil & Gas has already invested around Rs 2,500 crore in the two states of the northeast region.

"Assam has abundant natural resources and potential to become the world's mega basin. We are poised to play a pivotal role in Assam's sustainable growth and development," he said.

Agarwal said that the company has firmed up plans to "invest Rs 50,000 crore in Assam and Tripura's oil and gas sector over the next 3-4 years".

"With such an investment, we will produce 1,00,000 barrels of oil and gas per day, making the region a dominant hydrocarbon hub. It will also create direct and indirect employment opportunities for 1 lakh youths," he added.