Vedanta Electrosteel

Vedanta Group on Monday said it has signed memoranda of understanding (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India

"But it has to have world-class capacity, and cannot be a small plant. We have a capacity of about 3 million tonnes (mt)... we are contemplating. We have to take it to 15-20 mt"

Vedanta Group on Tuesday said it was focused on completing the expansion of Electrosteel Steels Ltd to three million tonnes from 1.5 million tonnes amid rumours about the company's exit from the steel business. Anil Agarwal-led Vedanta Group scooped Electrosteel Steels four years ago. "As of date, this (exiting Electrosteel) is not a topic for us. The only priority is to raise the (production) capacity to 3 million tonnes, Vedanta Group CEO Sunil Duggal told reporters when asked about the reports of exiting the steel business. "I just visited the Electrosteel facility and reviewed the progress," he said. He was at the curtain raiser event of CII organised Global Mining Summit 2022. The group was planning to invest USD 300-350 million in doubling the Electrosteel capacity out of the USD 2 billion investment announced by the group. During the day, he also sought regulatory flexibility for the mining sector.

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Recovery has been sharp after the economy opened up, say industry leaders at a conclave

'Expectedly, steel enterprises like ours acquired from the sickbay have suffered major production setback since the outbreak of Covid-19'

Electrosteel had a planned capacity of 2.5 mt, but the commissioned capacity was 1.5 mt

The appellate tribunal also reserved its order over Renaissance Steel's petition

Tata Steel, which is the second highest bidder for Electrosteel, has offered Rs 20 billion less