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The Vedanta Group aims to invest $20 billion across all its businesses in India over the next four years, said its Chairman, Anil Agarwal. The group will sell the steel business only at the right price and is committed to continuing to run it if it does not get the right price, Agarwal told PTI.
In June 2023, Vedanta initiated a strategic review of its steel and steel raw material businesses, stating that it would sell part or all of them. Last year, Agarwal also said that the demerger of the steel business would be completed by March 2024.
The company's steel business had sales of ₹8,300 crore in 2023-24 (Apr-Mar), a growth of 6% compared to the previous year, but operating profit plunged 29% on year to ₹225 crore. The operating margin per tonne also dropped to $19 from $32 a year ago. Production and sales during the year were at an all-time high. Vedanta acquired Electrosteel Steels through the insolvency process in 2018. It owns a 95.5% stake in the company.
The investments will be focused on technology, semiconductors, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Bihar, Jharkhand and Uttar Pradesh are conducive for investments because of their inexpensive and hardworking labour, apart from natural resources, Agarwal said. He did not specify any amount that would be invested in these regions.
Meanwhile, the company has already acquired land in Gujarat for its semiconductor business and is looking for a credible partner. Vedanta was to create a joint venture with Taiwan’s Foxconn to produce semiconductors in India, but Foxconn withdrew from the deal, which was estimated at around $19.5 billion.
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