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Vedanta Resources plans to establish two steel plant

9 January 2019

Vedanta Resources, the Indian diversified mining and metallurgical group. Their intention is to invest about $ 8 billion. The investments are aimed at its assets in the oil and gas and iron ore industry. Also there are assets in the industry of nonferrous and ferrous metallurgy. First of all, the company wants to build a large steel plant. She then plans to build a second plant. The investment will be implemented in the next three years.

The first plant is planned to be built in the state of Jharkhand. It will be located on the basis of the company’s steel mill Electrosteel Steels. A bankrupt company, which this year was acquired by Vedanta Resources. She laid out for her 760 million dollars. At present, its production capacity is 1.5 million tons per year. Vedanta wants to expand its capacity to 2.5 million tons. This will take place for two years. To allocate the company plans $ 300 million.

The group also intends to purchase additional land. We are talking about those that are located near the plant. They planned to build a metallurgical plant. Its capacity will be 4−5 million tons per year. The project cost is estimated at $ 3−4 billion. To carry out the acquisition, the company intends in the next few months. It says the Chairman of the Board of Vedanta. Negotiations with Chinese, Japanese and Korean firms have already started. We are talking about the purchase of technology and metallurgical equipment. The second plant is planned to be built in Karnataka. Its capacity will be 5 million tons per year. It will cost $ 3−4 billion.

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