UK's Vesuvius group to invest Rs 1,000 cr in India
Kolkata: UK-based engineering manufacturing firm Vesuvius will invest Rs 1,000 crore in India over the next five years.
While addressing the inaugural function of a new Mould Flux manufacturing plant in Visakhapatnam, Patrick Andre, Chief Executive of London headquartered Vesuvius group said, “We are delighted to inaugurate our new state-of-the-art Flux manufacturing facility, a testament to our relentless pursuit of innovation and our commitment to meeting the needs of our customers and the market.
“Given our compelling growth in India and basis our investment pipeline, we envisage surpassing our earlier stated investment plans of Rs 500 crore to reach close to Rs 1,000 crores outlay over the next few years."
The new plant is designed to meet the increasing demand for flux, a vital component in the continuous casting process at steel plants.
Over the last couple of years, 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 tons per annum.
The flux manufacturing plant is the first of the three new manufacturing plants expected to be operational in 2024.
Biswadip Gupta, Chairman of Vesuvius India Limited (VIL) said, “India has always been a strategic market for the group - we were the earliest refractory manufacturer globally to recognize the potential of this dynamic market and co-incidentally complete 30 years of starting our first manufacturing plant in India this year.
“Our investment in manufacturing capabilities in India will not only further enhance our competitive position in the country but also contribute to the socio-economic development of the communities where we operate and the development of the Indian economy.”
Nitin Jain, Managing Director of VIL, said “On overall investment plans, we continue to make investments ahead of time to expand our capacity as well as product portfolio. This plant represents a significant step forward in our journey towards sustainable growth and reinforces our position as a leader in the industry.”
Vesuvius India is engaged in the production and servicing of refractory goods used in high-temperature industrial processes like steelmaking, foundries, and cement production. Its products include a wide range of refractory products like shrouds, stoppers, precast products, nozzles, and crucibles.
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