Vesuvius Group to invest upto Rs. 500 crore for expansion

Vesuvius Group, a global corporate giant in the field of design, engineering, manufacture, and delivery of refractory, systems and services for high-technology industrial applications (especially steel) intends to invest minimum Rs 500 crore, in the coming three to five years, subject to necessary approvals in its various manufacturing plants in the country through its subsidiaries including Vesuvius India Limited.

While addressing the inaugural function of the Company's factory capacity expansion, undertaken through internal accruals, at the Taratala unit in the city on Wednesday, 15 February 2023, Mr. Patrick Andre, Chief Executive, Vesuvius Group headquartered in London, said, "We will invest minimum Rs 500 crores, subject to necessary approvals, in various manufacturing units / plants located in different cities, including Kolkata, Vizag, Pune, Pondicherry, and Mehsana within three to five years. We are happy to be here in Kolkata where our first plant was launched thirty years ago."

"We are regularly expanding our plants in India supplying technology-driven products to the steel and foundry industries. Our Group's annual turnover in the country is around Rs 1700 crores owing to the regular increase in demand for our products from steel, cement, and foundry industries," Mr. Andre said while speaking to reporters during the function.

Our company is giving a special focus on organic investment and the research and development wing that is running very well at Vizag. We are also a leading supplier of products from the Kolkata plant to South Africa and South Asian countries," The Vesuvius Group Chief Executive added.

The company has 27 manufacturing units worldwide.

"With so many new steel plants coming up in the country and existing ones expanding capacity, the demand for black refractories produced by us is on a sharp rise. Using the best technology and skilled human resources, we are facing the challenge in demand and supply of our products in India successfully," said Mr. Biswadip Gupta, chairman of VIL.

"Tata Steel, JSW, Arcelor Mittal, SAIL, and many other steel manufacturing giants have been using our products for decades," Mr. Gupta added.

VIL Board Members, Mr. Nitin Jain, Managing Director, Mr. Sudipto Sarkar, and Miss Nayantara Palchoudhuri, Independent Directors were present at this occasion.

Shares of Vesuvius India Limited was last trading in BSE at Rs. 1629.50 as compared to the previous close of Rs. 1653.05. The total number of shares traded during the day was 200 in over 70 trades.

The stock hit an intraday high of Rs. 1676.40 and intraday low of 1623.00. The net turnover during the day was Rs. 329005.00.

Source : Equity Bulls

Keywords

VesuviusIndia INE386A01015 Investment Expansion