Vedanta forayed into the steel business through acquisition of 90% stake in Electrosteel Steels Limited (ESL).
In June 2018, Vedanta Limited acquired the management control of ESL through the Corporate Insolvency Resolution Process initiated for addressing resolution of non-performing assets of the Indian banking system.
ESL, an Integrated Steel Producer, was incorporated in 2006 as a Public Limited Company with operations in Bokaro, Jharkhand, India. The company has set up a green field integrated manufacturing facility, which is currently commissioned at a capacity of 1.5 MT per annum. The facility primarily consists of Sinter Plants, Coke Oven, Blast Furnaces, Oxygen Plant, Basic Oxygen Furnaces, Billet Caster, Wire Rod Mill, Bar Mill, Ductile Iron Pipes Plant and a Power Plant. The Company's product range includes Pig Iron, Billets, TMT Bars, Wire Rods and Ductile Iron Pipes.
The Company has recently introduced its rebranded product range in the market under three new brands, V-DUCPIPE for Ductile Iron Pipes, V-XEGA for TMT Bars and V-WIRRO for Wire Rods.
ESL has established excellence in every stage of production by bringing international expertise and solutions from reputed manufacturers. The Company registered its business turnaround in less than a year since its acquisition, becoming a profitable business in 2019.
Vedanta aims to scale up its steel operations in Bokaro through brownfield expansion and be amongst the top steel producers in the country. It looks forward to expanding horizons and pushing boundaries, both in its existing and future endeavors, and to providing continuous growth, profit and prosperity to all its stakeholders.
For more information about Steel, visit : www.electrosteelsteels.com