Cairn India Ltd, the nation’s largest onshore crude producer, will invest $4.4 billion to increase output by as much as 250,000 barrels a day of oil and gas from around 200,000 barrels currently, said Agarwal, chairman of London-listed parent Vedanta Resources Plc. It aims to contribute half of India’s domestic oil output, he said. The South Asian economy’s biggest base metals company Vedanta Ltd will invest $1.5 billion, according to Agarwal. “India has a lot of hydrocarbon and we want to produce more oil and gas in India,” Agarwal said. The company wants the government to allow it to charge international prices for crude from the block, he said.

Source: Mint December 05, 2016 10:33 UTC