Natural resource company Vedanta Limited will construct a 4.5 million mt per year Greenfield steel mill in eastern Indian province of Jharkhand, Vedanta chairman, Anil Agarwal said on Wednesday, December 26.
The steel mill will be constructed by Electrosteel Limited, a stressed asset steel company that was acquired by Vedanta through the Insolvency and Bankruptcy (IBC) resolution process earlier this year.
According to Agarwal the new investment will be on a completely new steel mill though the project will be located within the existing premises of Electrosteel.
Alongside constructing the new steel mill, Vedanta will be investing an additional $300 million to ramp up existing capacity of Electrosteel of 1.5 million mt per year to 2.5 million mt per year, Agarwal said.