Vedanta to set up new steel plant in Jharkhand
2018-12-27 14:42:36 [Print]
According to report, Vedanta on Tuesday said it would set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of $3-4 billion. The plant will be part of the company's newly-acquired Electrosteel Steels Ltd. (ESL) at Bokaro, Vendanta Resources Chairman Anil Agarwal disclosed.
Vedanta would initially invest about $300 million to increase capacity of ESL to 2.5 MT from the existing 1.5 MT.
The total capacity of ESL would be around 7 MT after the new facility is commissioned, he said without elaborating on the time frame.
In March, Vedanta was declared as the successful resolution applicant for ESL under the corporate insolvency resolution process.
The company has acquired control of ESL and a new board of directors has been put in place.
Vedanta would initially invest about $300 million to increase capacity of ESL to 2.5 MT from the existing 1.5 MT.
The total capacity of ESL would be around 7 MT after the new facility is commissioned, he said without elaborating on the time frame.
In March, Vedanta was declared as the successful resolution applicant for ESL under the corporate insolvency resolution process.
The company has acquired control of ESL and a new board of directors has been put in place.
