India’s critical-minerals strategy is moving beyond the discovery and auction of mineral blocks towards domestic supply chains. The National Critical Mineral Mission spans exploration, mining, processing, recycling and downstream value addition, The government has also announced rare-earth corridors and a ₹7,280-crore rare-earth permanent-magnet manufacturing scheme.
But mineral auctions alone cannot deliver resource security. India will remain dependent on global supply chains if it extracts minerals domestically but continues importing refined metals, battery materials, magnets and advanced components. The larger challenge is to build institutions capable of converting resources into industrial capacity.
provides one such example. Established in London in 2003, the strategic parent of the Vedanta Group has built scale through acquisitions and investments across zinc, aluminium, copper, oil and gas, iron ore, steel, nickel and ferrochrome, while providing portfolio-level strategic oversight.
Vedanta Resources’ relevance lies in its ability to look beyond the immediate commodity cycle and identify the industries India will require over the next decade. Critical minerals require long-term capital, international technology, downstream integration and the ability to remain invested through extended development cycles.
Global capital, local scale
Vedanta Resources became the first Indian company to list on the London Stock Exchange and subsequently entered the FTSE 100. According to sources close to the matter, it has raised over US$35 billion from global capital markets, supporting acquisitions and long-gestation investments before businesses generated meaningful cash flows.
That model can be seen across Vedanta. Hindustan Zinc has evolved into an integrated zinc, lead and silver producer and accounts for 75 per cent of India’s primary zinc market. Vedanta Aluminium, comprising BALCO, now produces more than six times the aluminium manufactured at the time of acquisition. The Cairn acquisition established Vedanta as a private-sector oil and gas producer, contributing more than a quarter of India’s domestic oil and gas production.
The relevance to critical minerals is clear: securing a block is only the starting point. Exploration must be followed by mine development, processing, refining and downstream applications. Vedanta Resources’ role has historically been to identify opportunities and help scale them, while operating companies focus on execution and productivity.
From resources to value chains
India’s policy direction creates an opportunity for groups capable of connecting mining with manufacturing. Vedanta’s portfolio already includes metals required for electrification, renewable energy, advanced manufacturing, artificial-intelligence infrastructure and defence. Nickel and cobalt should connect with battery and advanced-material supply chains, while copper and rare earths are critical to electrification, permanent magnets, electronics, aerospace and defence.
India should avoid becoming a country that extracts strategic minerals but continues importing the high-value materials and components made from them. Vedanta’s experience shows how a parent platform can help build the capabilities required to take these resources further up the value chain.
Financial discipline remains equally important. Vedanta Resources reduced net debt by $500 million in FY26 and a further $1.1 billion in Q1 FY27. FY26 finance costs declined 31 per cent to $1.485 billion from $2.164 billion following refinancing and repayment of higher-cost debt, providing a stronger base for long-term investment.
As countries compete for metals required for clean energy, technology and advanced manufacturing, India will need more than mineral deposits. It will need enterprises capable of converting resources into globally competitive industries. Vedanta Resources’ critical-minerals journey could therefore become an important test of India’s ability to move from resource ownership to value-chain leadership.
The author is independent lawyer and seasoned tax professional, formerly associated with PwC and EY