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Vedanta's steel business back on growth turf after Covid-19 speed breaker

The group's ESL Steel is looking to hit the ground with its plan of doubling capacity towards the end of the fourth quarter

Conserving cash is the mantra: Firms put capex plans on hold amid Covid-19

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Steel prices have had a good run in the last few months with domestic demand showing a recovery. A seasonal uptick in demand for long products with post-monsoon construction activity is also expected

Ishita Ayan Dutt Kolkata

4 min read Last Updated : Dec 13 2020 | 2:33 PM IST

Vedanta-owned ESL Steel is looking to hit the ground with its plan of doubling capacity towards the end of the fourth quarter after hitting a speed breaker due to the Covid-19 pandemic.

“Covid pushed us away by one year. The way everything is going, towards the end of fourth quarter should be a good time to start,” said Pankaj Malhan, chief executive officer, ESL Steel Limited. The approvals are in the last stages.

In 2018, Vedanta forayed into the steel business through the acquisition of ESL Steel Limited (then Electrosteel Steels). It was one of the 12 cases mandated for resolution by

Topics : Coronavirus Vedanta Vedanta steel iron and steel industry Vedanta Group

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