Vedanta Group is targeting revenue of $50 billion and profits of $20 billion over the next two years, founder and chairman Anil Agarwal said at an industry event in Kolkata.

“This year we would be making $30 billion revenue and $11 billion in profits. In two years, we would scale our revenues to $50 billion with $20 billion in profits,” he said.

The privately-owned diversified commodities producer has interests spanning aluminium, zinc, oil and gas, power, iron and steel, copper and other critical minerals.

Separately, its recently listed Vedanta Aluminium reported more than a doubling of net profit year-on-year to ₹6,187 crore for the quarter ended September. Revenue rose 41% to ₹22,066 crore during the period.

The company increased aluminium production by 5% year-on-year to 649 kilotonnes (KT). Production of value-added aluminium products rose 31% to 432 KT, while alumina output climbed 37% to 895 KT.

Vedanta Aluminium also reduced its net debt by ₹3,090 crore during the quarter compared with the preceding quarter, signalling an improvement in its debt position alongside higher production and earnings.