Illustration: Binay Sinha

Vesuvius India Ltd, a part of UK-based refractory manufacturer Vesuvius Group, on Thursday said it plans to invest around Rs 1,000 crore in the country over the next few years.

Vesuvius Group Chief Executive Patrick Andre said that given the state of development in India, the quantum of investment to be made in the country will reach close to Rs 1,000 crore in a few years.

Kolkata-headquartered Vesuvius India also inaugurated a new mold flux manufacturing plant in Visakhapatnam. The company said in a release that the facility is designed to meet the increasing demand for flux, which is a critical component for the continuous casting process in steel plants.

Biswadeep Gupta, President, Vesuvius India, said, “India has always been a strategic market for the Group. Manufacturing capabilities in India will enhance our competitive position in the country and will also contribute to the socio-economic development of the communities where we operate. “

The flux manufacturing plant in Visakhapatnam is the first of three new facilities to be commissioned in 2024.

(Only the headline and image in this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

first published: 18 April 2024 | 7:50 pm First

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