Kolkata: Anil Agarwal-controlled Vedanta is targeting to be among the top three steel players in India and has plans to enhance the production capacity to 10 million tonne over the next 5-6 years. Vedanta has forayed into steel with takeover of Electrosteel Steels Ltd (ESL) from the NCLT last year.
“We are aiming to be one of the top three players in the steel sector in India. We are also targeting to enhance production capacity to 10 million tonne in the next 5-6 years,” ESL deputy CEO Pankaj Malhan said Wednesday. “In the next two years, the current capacity of 1.5 million tonne will be doubled with a capex of Rs 4000-5000 crore,” Malhan added.
Malhan was in city to unveil Vedanta’s first set of steel brands in India with V-Xega for TMT bars, V-Ducpipe for DI pipes and V-Wirro for steel wires.
Vedanta will increase the capacity at Bokaro (the site of ESL) to six million tonne and the remaining 4 million tonne could be from greenfield or acquisitions, Malhan said.
The first phase of expansion till three million tonne will be on long products and the second phase – from three to six million tonne – will be focused at flat products.
Asked about the possibility of Vedanta having a greenfield steel plant in West Bengal, company officials said, “Why not? It is possible.”
Other officials informed that Vedanta is seeking to make ESL a more vibrant, quality conscious and environmental friendly company with new corporate branding possibly in the next few months.
PTI
