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VSSL to invest ₹2,000 crore in a greenfield steel plant in Punjab.
The plant will add 500,000 MT annual billet capacity, operational by FY 2029–30.
Expansion aligns with green steel trends and aims to meet future demand and quality standards.
New Delhi, April 29, 2025 — Vardhman Special Steels Limited (VSSL), a leading manufacturer of special and alloy steels in India, has announced plans to invest approximately ₹2,000 crore (around $235 million) in establishing a new greenfield steel plant in Punjab.
The proposed facility will have an annual billet production capacity of 500,000 metric tonnes, complemented by a rolling mill and advanced testing facilities. The project is slated for commissioning by the fiscal year 2029–30 and will be financed through a combination of internal accruals, equity, and debt.
This strategic expansion aims to address anticipated capacity constraints post-2028 and align with the growing demand for green steel and circular economy practices. The plant will utilize the Electric Arc Furnace (EAF) route, known for its lower carbon emissions compared to traditional steelmaking methods.
"With this greenfield plant, we will be able to address the expected capacity shortage post-2028. This will support future demand, meet evolving quality standards, align with trends like Green Steel, and help reduce manufacturing costs," said Mr. Sachit Jain, Vice Chairman & Managing Director of Vardhman Special Steels Ltd.
In addition to bolstering capacity, the new plant will enable VSSL to diversify into new product segments, including wire rods, forgings, and non-automotive applications, thereby broadening its market reach.
The announcement coincides with VSSL's release of its financial results for the fiscal year ended March 31, 2025. The company reported a 6.2% year-on-year increase in revenue from operations, totaling ₹1,764.41 crore. Net profit after tax stood at ₹93.09 crore, reflecting a 1.59% growth. The Board has recommended a dividend of ₹3 per equity share for FY25, up from ₹2 in the previous year.
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