Vedanta Resources to cut costs by up to 25%

"Vedanta will tighten capital spending and do whatever is necessary by way of innovation to help boost profit margins," Agarwal told a news agency in Jaipur.

Vedanta Resources Plc plans to cut costs by as much as 25% to counter the ongoing global slump in industrial metal prices, Group Chairman Anil Agarwal was quoted as saying on Wednesday.

"Vedanta will tighten capital spending and do whatever is necessary by way of innovation to help boost profit margins," Agarwal told a news agency in Jaipur.

The prices of aluminium, copper and zinc have dropped at least 25% in the past one year amid deteriorating outlook for economic growth in China and other leading commodity consuming nations.

“This is the worst I’ve ever seen,” Agarwal said. “We have to reinvent ourselves to cut costs, bring more efficiency. The fittest will survive and we believe we are the lowest cost quartile in the industry.