Vedanta eyes steel manufacturing-report
MUMBAI (Reuters) - India-focussed mining group Vedanta Resources (VED.L) is planning to expand to steel manufacturing with a partner, the Mint newspaper reported on Friday.
Iron-ore producer Sesa Goa (SESA.BO), controlled by Vedanta, has begun talks with Japanese and European steel companies for building a steel plant in India, the paper said, quoting group Chairman Anil Agarwal.
"We are iron ore producers and not specialists in making steel. We will partner with somebody who can provide us technology and management," Agarwal told the paper.
The London-listed Vedanta is Agarwal's holding company and owns controlling stakes in mining firm Sterlite Industries (STRL.BO), Sesa Goa, Vedanta Aluminium and Konkona Copper Mines in Zambia, it said.
On Thursday, Sterlite raised about $1.5 billion (916 million pounds) through an issue of American Depositary Shares to fund its power projects and other expansion plans.
Sesa Goa has capacity to produce 50 million tonnes of iron ore annually and could feed a 10 million tonne steel plant, Agarwal told the paper.
(Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
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