Vibhor Steel Tubes sets up unit in Odisha
image for illustrative purpose
New Delhi: Vibhor Steel Tubes Ltd (VSTL) is setting up a new unit at Sundargarh in Odisha to scale up its total manufacturing capacity to 3.41 lakh tonne, a company official said on Wednesday.
The Hisar-based steel maker presently has two plants -- one in Mahabubnagar, Telangana and one in Raigad, Maharashtra -- having a total installed capacity of 2.21 lakh tonne. "With the commissioning of the third project in Odisha, our capacity will increase by 1,20,000 MT to 3,41,000 MT," its chairman Vijay Kaushik told reporters in an interaction. Replying to a question related to the timeline of the project, he said the aim is to make the plant operational by the first quarter of financial year 2024-25.
On the expansion plan, Kaushik said the company has already acquired the land for the project, and orders for plant and machinery have been placed. It will be funded through internal accruals. He did not disclose the investment details due to regulatory obligations as the company is in the process of listing on BSE and NSE. The Initial Public Offering (IPO) of Vibhor Steel Tubes will open on February 13 and close on February 15, he said.
