Indian Vedanta plans to invest $ 8 billion in production expansion

The Indian steel group Vedanta Resources plans in the next three years to invest about $ 8 billion in its assets in non-ferrous and ferrous metallurgy.

According to Anil Agarwal, founder and executive chairman of the Vedanta, the first plant will be built in the state of Jharkhand on the basis of the metallurgical plant of the bankrupt company Electrosteel Steels, which Vedanta acquired in 2018 for $ 760 million.

Currently, the capacity of this company is 1.5 million tons of steel per year. Vedanta will invest $ 300 million to expand its capacity to 2.5 million tons per year over two years. In addition, the company intends to purchase additional land plots near the Electrosteel Steels plant for the construction of a metallurgical plant with a capacity of 4-5 million tons per year and worth about $ 3-4 billion over the next few months.

Vedanta plans to invest another 3-4 billion dollars in the construction of a second metallurgical plant for 5 million tons per year in the state of Karnataka. The base for him will be the Bellary Steel and Alloys plant, acquired by the company in 2011.

According to МинПром