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Hindustan Zinc, Cairn sign Rs 20,500-cr MoU with Rajasthan

The Economic Times:  May, 2015

Mumbai: Hindustan Zinc and Cairn India Tuesday signed a pact with the government of Rajasthan to invest Rs 20,500 crore in the state in the next three years.

The MoU was signed by Akhilesh Joshi CEO, Hindustan Zinc and Mayank Ashar, the CEO and managing director of Cairn India during a road show for Resurgent Rajasthan, a statement said.

Both companies are subsidiaries of Vedanta Resources. Hindustan Zinc, the world's second biggest zinc producer, operates the world's third largest open-pit mine, and world's largest Zinc Mine in Rampura Agucha, Rajasthan. It has other mines in Sindesar Khurd, Rajpura Dariba, Kayar and Zawar, all in Rajasthan. Cairn India's Mangala field in Rajasthan is the largest onshore oil discovery in India in more than 20 years. That and two other fields in the state have combined gross recoverable oil reserves and resources of more than 1 billion boe (barrel oil equivalents)