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Vedanta Ltd. has declared that a new steel plant will be set up in Jharkhand with an investment of US$ 3-4 billion, that will house a capacity of 4.5 million tonnes annually. Anil Agarwal, Chairman of Vedanta Resources in a press meet at Kolkata said, “This would be a new steel plant under Electrosteel Steels Ltd and in the same location at Bokaro. So it’s a brownfield investment per se.”
Vedanta Resources has recently acquired Electrosteel Steels Ltd, which is situated at Bokar. According to the Chairman, initial investment by Vedanta for the plant would be about $300 million in order to expand the existing capacity of 1.5 million tonnes to 2.5 million tonnes.
Agarwal said that with the commission of new facility, the total capacity of Electrosteel Steels would reach around 7 million tonnes. Agarwal also added that the plant would create 1,20,000 jobs in the form of direct and indirect employment. Agarwal stated “We have about 2,200 acres at ESL and are scouting or a little more…The Jharkhand government has been very cooperative in this regard.”
