Jan. 01,2019 - Vedanta Ltd on last Tuesday said it will set up a new steel plant inJharkhand with a capacity of 4.5 million tonne
(MT) per annum at an investmentof USD 3-4 billion.
The plantwill be part of the company's newl yacquired Electrosteel Steels Ltd (ESL) atBokaro, Vendanta Resources Chairman
Anil Agarwal said.
"This would be a new steel plant under ESL and in the same location at Bokaro. Soit's a brownfield investment per se.
The amount is likely to be to the tune ofUSD 3-4 billion for a capacity of 4.5 MT," Agarwal said.
Vedantawould initially invest about USD 300 million to augment capacity of ESL to 2.5MT from the existing 1.5 MT.
Once the newfacility is commissioned, the total capacity of ESL would be around 7 MT, hesaid without elaborating on the time
"Wehave about 2,200 acres at ESL and are scouting for a little more... TheJharkhand government has been very cooperative in this regard," he said.
In March2018, Vedanta was declared as the successful resolution applicant for ESL underthe corporate insolvency resolution
The company has acquired control of ESL and a new board of directors has been put in place.