Vedanta to invest $8 bn on capex in three years

Mumbai: Metals and mining giant Vedanta will spend around $300-400 million in recently acquired Electrosteel Steels to expand its capacity to 2.5 million tonnes per annum (mtpa), a top company official said. This investment will be part of the company’s overall $8-billion (about Rs 56,000 crore) capex plan over the next three years, according to Vedanta chairman Navin Agarwal. “Electrosteel Steels is currently processing at a full capacity of 1.5 mtpa, and we will soon start work to expand capacity to 2.5 mtpa at a very nominal capex of USD 300-400 million,” Agarwal told reporters on the sideline of the firm’s annual general meeting (AGM) on Friday. In March, Vedanta acquired assets of Electrosteel Steels, which marked its entry into steelmaking in India. PTI