UK-based Vesuvius Group plans to increase India investment to Rs 1,000 crore: Chief Executive

UK-based Vesuvius Group on Thursday said it will increase its investment capex in India to Rs 1,000 crore, its Chief Executive Patrick Andre said Thursday.

He made the remarks while inaugurating a mould flux manufacturing plant in Visakhapatnam, the company said in a statement.

"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 crore outlay over the next few years," Andre was quoted as saying in the statement.

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.

The flux manufacturing plant is first of the three new manufacturing plants expected to be operational in 2024.

Mould flux is a critical component used in continuous casting process at steel plants.

"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.