Indian Rebar Maker to See Substantial Capacity Increase
12/26/2018 - U.K.-based mining and energy conglomerate Vedanta Resources Ltd. plans to invest somewhere between US$3 billion to US$4 billion in an Indian steel mill over the next several years.
Vedanta chairman Anil Agarwal told India’s Business Standard newspaper on Tuesday that the company is planning an initial US$300 million investment in Electrosteel Steels Ltd. to lift its current capabilities by 66%. However, the company is looking at building a new plant capable of producing 4.5 million metric tons annually.
“We are talking to the Japanese, Koreans and Chinese for machinery, technology and others,” Agarwal told reporters.
Vedanta acquired Electrosteel, a maker of thermomechanically treated rebar, through India’s new insolvency resolution process earlier this year.
The Business Standard has more here.
