New Delhi, April 8 -- The domestic iron ore production sector will require an investment of USD 20-25 billion or more to achieve national steel production targets and ensure self-reliance, according to Vedanta Group Chairman, Anil Agarwal. He noted that this scale of capital expenditure is essential to ramp up production to 800 million tonnes, which is needed to support the overarching goal of producing 300 million tonnes of steel within the country.

Agarwal said on X that at the current production level, India would be required to import 75% of its iron ore needs. He noted that the global market is currently dominated by a handful of companies, including Vale, BHP, Rio Tinto, and Fortescue, which together produce 70%-80% of the world's ...