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Vedanata Electrosteel Exploring Steel Plant in Karnataka

Steel News - Published on Wed, 26 Feb 2020

Image Source: FE
Economic Times reported that Vedanta’s Electrosteel Steels is evaluating a greenfield project in Karnataka while it is in the process of doubling capacity in its Bokaro steel plant to 3 million tonnes in the next two years. CEO Mr Pankaj Malhan told ET in an interview “We would seriously be evaluating options in Karnataka where Vedanta has iron-ore mines. We have a big piece of land already with us, close to our mines in Karnataka. The second phase, which includes the Karnataka plant, is in the drawing board stage and may entail an additional investment of about INR 7,000 crore.”

Vedanta acquired the bankrupt Electrosteel Steels in 2018. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. The company has finalised two plans for now. The first is debottlenecking existing assets and the second is to look into growth projects.
In Bokaro, where Electrosteel Steels is located, the company is also planning a capital expenditure of INR 500 crore for debottlenecking which will add to the current capacity by 25% to 30%.

Source :

Posted By : Nishith Sharma on Wed, 26 Feb 2020
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