Kolkata: Vedanta on Tuesday said it will set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of $3-4 billion.
The plant will be part of the company’s newly-acquired Electrosteel Steels (ESL) at Bokaro, Vedanta Resources chairman Anil Agarwal told reporters here.
“This would be a new steel plant under ESL and in the same location at Bokaro... so it’s a brownfield investment per se. The amount is likely to be to the tune of $3-4 billion for a capacity of 4.5 MT,” Agarwal said.
Vedanta would initially invest about $300 million to augment capacity of ESL to 2.5 MT from the existing 1.5 MT.
Once the new facility is commissioned, the total capacity of ESL would be around 7 MT, he said without elaborating on the time frame.
The plant would create 1,20,000 jobs in the form of direct and indirect employment, Mr Agarwal said.
