India
BOKARO: With Electrosteel Steel Limited (ESL) going to Vedanta following the declaration of the National Company Law Tribunal (NCLT), the district has got another big steel conglomerate apart from the existing Bokaro Steel Plant (BSL) of Steel Authority of India Limited (SAIL). The takeover of debt-ridden ESL has brought a reason for local residents and traders to rejoice. They feel Vedanta will bring fresh opportunity in terms employment, trade and development in the area.
ESL is situated in Siyaljori under Chandankiyari block of the district. Things were not moving for more than a year since NCLT appointed PricewaterhouseCooper (PwC) as a consultant to invite bidders for the first 1.5 MTPA capacity Greenfield steel plant. The contract workers and employees were in dilemma over their future prospects as ESL was running in losses year after year.
A senior officer of ESL, C P Pandey, said, “At present the steel plant is performing well. Market demand for electrosteel steel products is growing. We are sure that Vedanta will take the plant to greater heights. The workers are hopeful of their better future”. ESL is engaged in manufacturing of pig iron, TMT bars, billets and ductile iron pipes. The company has a total asset (land, building, machinery, situation of plant, etc) of Rs 11,46,824.14 lakh.
The Vedanta Group said it would make all efforts to turn the stressed asset around at the earliest. It would complement company’s iron ore business. Sanjay Baid of Bokaro Chamber of Commerce and Industries said, “The takeover by Vedanta has instilled fresh energy in the area.”
