Vedanta says priority is to complete doubling Electrosteel capacity to 3 MT

Vedanta Group said it was focused on completing the expansion of Electrosteel Steels Ltd to three million tonnes from 1.5 million tonnes amid rumours about the company's exit from the steel business

Vedanta Group on Tuesday said it was focused on completing the expansion of Electrosteel Steels Ltd to three million tonnes from 1.5 million tonnes amid rumours about the company's exit from the steel business.

Anil Agarwal-led Vedanta Group scooped Electrosteel Steels four years ago.

"As of date, this (exiting Electrosteel) is not a topic for us. The only priority is to raise the (production) capacity to 3 million tonnes, Vedanta Group CEO Sunil Duggal told reporters when asked about the reports of exiting the steel business.

"I just visited the Electrosteel facility and reviewed the progress," he said.

He was at the curtain raiser event of CII organised Global Mining Summit 2022.

The group was planning to invest USD 300-350 million in doubling the Electrosteel capacity out of the USD 2 billion investment announced by the group.

During the day, he also sought regulatory flexibility for the mining sector.