Vedanta Resources draws up $4-billion plan for Electrosteel Steels

Besides its plans to turn Electrosteel into a 7 mtpa mega-steel project, Vedanta Resources will significantly scale up its oil and gas portfolio at an investment of $ 4-5 billion

Diversified metals and mining major Vedanta Resources plans to pump about $4 billion into newly acquired Electrosteel Steels to scale up its capacity from the existing 1.5 million tonne per annum to 7 mtpa in the coming years. 

Anil Agarwal, chairman of Vedanta Resources, said on Tuesday he would initially invest about $300 million in the next two years to augment the capacity of Electrosteel to 2.5 mtpa. 

Vedanta will also set up a mega steel project adjacent to the existing Electrosteel plant in Bokaro, entailing an investment of $3-4 billion. "We will be doing it (second plant) in the same area