Business Standard

Vedanta aspires to be among top 3 steel players in India


Press Trust of India Kolkata
Anil Agarwal controlled Vedanta is targeting to be among the top three steel players in the country and has plans to enhance the production capacity to 10 million tonnes over the next 5-6 years.
Vedanta had forayed into steel with takeover of Electrosteel Steels Ltd (ESL) from the NCLT last year.
"We are aiming to be one of the top three players in the steel sector in India. We are also targeting to enhance production capacity to 10 million tonnes in the next 5-6 years," ESL deputy CEO Pankaj Malhan said on Wednesday.
In the next two years, the current capacity of 1.5 million tonnes will be doubled with a capex of Rs 4000-5000 crore, Malhan said.
He was in city to unveil Vedanta's first set of steel brands in India with V-Xega for TMT bars, V-Ducpipe for DI pipes and V-Wirro for steel wires.
Vedanta will increase the capacity at Bokaro (the site of ESL) to 6 million tonnes and the remaining 4 million tonnes could be from greenfield or acquisitions, Malhan said.
The first phase of expansion till 3 million tonnes will be on long products and the 2nd phase - from 3 to 6 million tonnes - will be focused at flat products.
Asked about the possibility of Vedanta having a greenfield steel plant in West Bengal, company officials said, "Why not? It is possible."

Vedanta seeks to make ESL a more vibrant, quality conscious and environmental friendly company with new corporate branding possibly in the next few months.

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First Published: Jun 26 2019 | 6:45 PM IST

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