Vedanta will set up a new steel plant in Jharkhand with a capacity of 4.5 million tpa at an investment of USD three-four billion. The brownfield plant will be part of the company’s newly-acquired Electrosteel Steels (ESL) at Bokaro.
Vedanta will initially invest around USD 300 million to augment Electrosteel Steels’ capacity to 2.5 million tonne from the existing 1.5 million tonne. Once the new facility is commissioned, the total capacity of Electrosteel Steels will be around seven million tonne.
The plant will create 1,20,000 jobs in the form of direct and indirect employment.