Vedanta to enter steel biz in JV format
Metal and mining major Vedanta Resources will foray into steel business in a joint venture format in which its role would be that of iron ore supplier.
By PTI |
NEW DELHI: Metal and mining major Vedanta Resources will foray into steel business in a joint venture format in which its role would be that of iron ore supplier. "We will enter the steel making business in a joint venture.
We will be a supplier of iron ore from Sesa Goa," company chairman Anil Agarwal told PTI. Without elaborating on the time-frame or the proposed investment in the venture, he said the company is waiting for the right opportunity to foray into steel making business. Vedanta''s steel ambitions comes a few years after it an signed an MoU with the Orissa government to set up a steel mill in the state.
However, no progress could be made on the proposed project. Group company Sesa Goa already runs a pig iron mill in Goa.
Vedanta is targeting annual production of 25 million tonnes of iron ore by the end of this fiscal and look to double it in 2-3 years.
We will be a supplier of iron ore from Sesa Goa," company chairman Anil Agarwal told PTI. Without elaborating on the time-frame or the proposed investment in the venture, he said the company is waiting for the right opportunity to foray into steel making business. Vedanta''s steel ambitions comes a few years after it an signed an MoU with the Orissa government to set up a steel mill in the state.
However, no progress could be made on the proposed project. Group company Sesa Goa already runs a pig iron mill in Goa.
Vedanta is targeting annual production of 25 million tonnes of iron ore by the end of this fiscal and look to double it in 2-3 years.
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