'Considering options on Electrosteel; it cannot be a small capacity plant'

Metals and mining giant Vedanta entered the steel sector in 2018 with the acquisition of Electrosteel Steels, one of the early cases to be resolved under the Insolvency and Bankruptcy Code (IBC). In a conversation, ANIL AGARWAL, founder and chairman of Vedanta Resources, tells Ishita Ayan Dutt, that he wants Electrosteel's capacity to increase to 15-20 mt from 3 mt at present.

- Ishita Ayan Dutt

Edited excerpts:

You entered the steel sector with the Electrosteel acquisition four years ago. But you are now looking to sell it. What led to this decision?

We have not arrived at a decision. In any business, I tell my CEOs that we have to be in the top three. We have to have a vision. Increase the capacity because we are in a beautiful state, Jharkhand, which is my home state.

But it has to have world-class capacity, and cannot be a small plant. We have a capacity of about 3 million tonnes (mt)... we are contemplating. We have to take it to 15-20 mt. We are either in that business or we are not.

So, you will either take the capacity to 15-20 mt or you will not be in it?

I have never sold any business. This is the plan...at the moment we are looking to expand this capacity.