Vedanta chairman Anil Agarwal told India’s Business Standard newspaper on Tuesday that the company is planning an initial US$300 million investment in Electrosteel Steels Ltd. to lift its current capabilities by 66%. However, the company is looking at building a new plant capable of producing 4.5 million metric tons annually.

“We are talking to the Japanese, Koreans and Chinese for machinery, technology and others,” Agarwal told reporters. 

Vedanta acquired Electrosteel, a maker of thermomechanically treated rebar, through India’s new insolvency resolution process earlier this year.

The Business Standard has more here.