Vedanta Limited is an Indian multinational conglomerate based in Mumbai. It is the second-largest producer of iron and steel in India. The company has diversified interests across a variety of industries, including coal mining, energy generation, textiles, chemicals, and agrochemicals. It has interests in several other sectors such as aluminum and titanium, ferroalloys and special alloys, cement, chemicals, and pharmaceuticals.
The company changed its name to Vedanta Industries Limited in 1957 when it began producing ferrosilicon from its mines at Salcette near Mumbai. It then diversified into other metals such as titanium dioxide (TiO2) and zinc metal through acquisitions of companies that specialized in these products. In 1967 it acquired its first steel plant at Jamshedpur. In 1994 it merged with three other units—Shree Ram Iron & Steel Company (Suresh Steel), Shree Ashti Sugar Mills (Ashti Sugar Mills), and Lakshmi Overseas form SREI Infrastructure
Vedanta Plan to the exit steel business
Vedanta, the second-largest steel producer in India and Africa, is looking to exit the steel business. The company has formed a consortium with Electrosteel to sell its holdings in the business.
The move is part of a new business strategy for Vedanta, which will focus on its core businesses of iron ore mining and refining. The company had previously announced that it would be selling off other assets such as its aluminum operations.
Vedanta Steel is exiting its steel business and looking to sell Electrosteel, an Indian company that produces steel.
Vedanta is entering into the steel business through Electrosteel, a company that it has recently acquired. The move was made to give Vedanta access to raw materials and markets in Europe, according to a report by The Times of India.
The sale of both companies will allow Vedanta to focus on its core businesses of aluminum and copper mining as well as cement manufacturing. It also helps them diversify their assets away from natural resources and towards more profitable activities.
India’s largest private sector company Vedanta, which is looking to sell its steel business Electrosteel, has been making a big push into the business of renewable energy and power generation. The company announced that it would be exiting the steel business and entering the business of renewable energy and power generation.
Vedanta is now entering the renewable energy market with plans for setting up a new company, Electrosteel India Ltd., which will be a part of Vedanta Resources India Ltd., according to a media report. The plan is to have the new company focus on the production of solar cells, wind turbines, and other equipment related to renewable energy projects.
Vedanta’s CEO Anil Agarwal said that this move will help them capture a bigger share of the country’s growing demand for electricity through its new venture in renewable energy. He also said that this move will enable them to cut costs by reducing their dependence on imported crude oil as well as make them more efficient in utilizing resources such as coal and iron ore; which are used by other companies in producing electricity using conventional methods.