Vedanta targets growth of 5-10 per cent

MUMBAI: Metals major Vedanta Resources on Thursday said the volatile commodity prices not withstanding, the company would achieve 5-10 per cent growth this year and fulfil its projections to achieve 1 million tonne production capacity each in copper, zin c and aluminium. The company, which recently acquired US-based ASARCO for $2.5 billion, is expected to complete the acquisition process in the next two months, Vedanta Resources Deputy Chairman Navin Agarwal said adding that the company was looking at m ore acquisition opportunities. “Commodity prices are volatile, but Vedanta will see a growth of 5-10 per cent year-on-year,'' he said. By 2010, the company has set a target of 1 million tonne production each in zinc, copper and aluminium. “We are close to 1 million tonne production e ach of all the raw materials. We will touch 1 million for zinc by 2009,'' he said. The company has grown through acquisitions in the past. Last year, it acquired 51 per cent stake in Sesa Goa -- producers of iron ore. The company faced logistic problems and it has solved it, he said. In 2003, it acquired Hindustan Zinc, which has brought down cost of zinc production by 40 per cent and incr eased the production by 30 per cent. Group company Sterlite, producer of copper, has doubled its capacity in the last five years and reduced the costs by 80 per cent. The company's organic growth plan includes bringing down the costs and time by 20-25 per cent in comparison with its western counterparts, Mr Agarwal said. - PTI