Vedanta Group firm Hindustan Zinc Limited (HZL) plans to pump in up to $2 billion (around ₹17,000 crore) to double its production capacity to 2 million tonnes (mt) in the next few years, its CEO Arun Misra said.

The company which had already engaged consultants to ramp up its capacity is looking for mining partners.

“We have a plan of doubling the production to 2 million tonnes. So, I am sure by the end of this quarter, we should be able to make project announcements, which projects, how much and where it is happening,” he explained.

The company is targetting a production capacity of 1.2 million tonnes (mt) in 2025, followed by 1.35mt in 2026 and 1.8mt in 2027, Misra said.

“And then finally, sometime, we should be able to get 2 million tonnes.”

When asked about investment plans, he said, “Because most of the mining infrastructure is in place, so, it is anywhere between $2 billion or $1.95 or $2 billion, roughly about, say, ₹14,000 crore to ₹17,000 crore is the kind of money that will be required.”

On restructuring, he said the discussions are on and the stakeholders are talking regularly.

He further said that as the government is also working on the disinvestment of Hindustan Zinc so, there is a dependence on that as well.

“So, one of them will happen,” he explained.

The company on Friday reported a 34.5 per cent rise in consolidated net profit to ₹2,327 crore for the quarter ended September 30, 2024, on the back of higher income.

PTI