Vedanta to cut capex plan by 5.1 billion

Anil Agarwal-owned Vedanta Resources Plc on Thursday said that the company had reviewed its capital expenditure programme and believed that 8220;it has the opportunity to reduce8221; the announced investment of 9.8 billion by 5.1 billion through various initiatives. Vedanta said this in a release announcing the company8217;s financial results for six months ended September 30, 2008, where it said H1 profits dipped 25 per cent on falling commodity prices and rising input costs. The group in September this year had announced a 9.8-billion aluminium capex programme where it planned to raise aluminium smelting capacity to become the world8217;s fifth largest producer. Meanwhile, Vedanta group company Sterlite Industries has asked US-based Asarco LLC, with which it has inked an agreement for a buyout for about 2.6 billion, to review the acquisition price in the wake of the global financial crisis and a fall in the price of the blue metal. Sterlite shares were down 11.33 per cent to close at Rs 237.85 on the BSE.