The plant will be part of the company’s newly-acquired Electrosteel Steels Ltd at Bokaro.
Kolkata: Vedanta Ltd on Tuesday said it will set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of USD 3-4 billion.
The plant will be part of the company’s newly-acquired Electrosteel Steels Ltd (ESL) at Bokaro, Vendanta Resources Chairman Anil Agarwal told reporters here.
“This would be a new steel plant under ESL and in the same location at Bokaro… so it’s a brownfield investment per se. The amount is likely to be to the tune of USD 3-4 billion for a capacity of 4.5 MT,” Agarwal said.
Vedanta would initially invest about USD 300 million to augment capacity of ESL to 2.5 MT from the existing 1.5 MT.
Once the new facility is commissioned, the total capacity of ESL would be around 7 MT, he said without elaborating on the time frame.
The plant would create 1,20,000 jobs in the form of direct and indirect employment, Agarwal said.
“We have about 2,200 acres at ESL and are scouting for a little more… The Jharkhand government has been very cooperative in this regard,” he said.
In March, Vedanta was declared as the successful resolution applicant for ESL under the corporate insolvency resolution process.
The company has acquired control of ESL and a new board of directors has been put in place. – PTI
Why news media is in crisis & How you can fix it
India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.
But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.
ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.