UK-Based Vesuvius Group Commits Rs 1,000 Crore India Investment In 5 Years
The Kolkata-headquartered Vesuvius India also inaugurated a new mould flux manufacturing plant at Vishakapatnam.
Vesuvius India Ltd, a part of the U.K.-based refractory maker Vesuvius Group, on Thursday said it plans to invest around Rs 1,000 crore in the country over the next few years. Chief Executive of Vesuvius Group, Patrick Andre, said given the growth situation in India, the quantum of investments to be made in the country will reach close to Rs 1,000 crore within a few years.
The Kolkata-headquartered Vesuvius India also inaugurated a new mould flux manufacturing plant at Vishakapatnam. The facility is designed to meet the increased demand for flux, a vital component for the continuous casting process at steel plants, the company said in a release.
'India has always been a strategic market for the group. The manufacturing capabilities in India will enhance our competitive position in the country and also contribute to the socio-economic development of the communities where we operate,” said Biswadip Gupta, chairman of Vesuvius India.
The flux manufacturing plant in Visakhapatnam is the first of three new facilities expected to be operational in 2024. Mould flux is a critical component used in continuous casting process at steel plants.
Vesuvius has been making significant investments in India by expanding the capacity of its existing manufacturing plants as well as setting up three new greenfield manufacturing plants, which will create an additional capacity of 2,50,000 tonnes per annum.
'India has always been a strategic market for the group. Our investment in manufacturing capabilities in India will further enhance our competitive position in the country,' Vesuvius India Ltd Chairman Biswadip Gupta said.