INSUBCONTINENT EXCLUSIVE:
will set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of $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
"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 $3-4 billion for a capacity of 4.5 MT," Mr Agarwal said.Vedanta would initially invest about $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
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.
