Saturday, May 4 2024 | Time 05:52 Hrs(IST)
image
Business EconomyPosted at: Apr 18 2024 5:44PM


Vesuvius Group inaugurates new Flux plant in Visakhapatnam

Kolkata, Apr 18 (UNI) Vesuvius, a global leader in the refractory industry, has inaugurated a new Mould Flux manufacturing plant in Visakhapatnam.
The plant is designed to meet the increasing demand for flux, a vital component in the continuous casting process at steel plants, according to a media statement here on Thursday.

While addressing the inaugural function, Patrick Andre, Chief Executive of London headquartered Vesuvius group, stated “we are delighted to inaugurate our new state-of-the-art Flux manufacturing facility, a testament to our relentless pursuit of innovation and our commitment to meeting the needs of our customers and the market. Given our compelling growth in India and basis our investment pipeline, we envisage surpassing our earlier stated investment plans of Rs 500 crore to reach close to Rs 1,000 crores outlay over the next few years."

Over the last couple of years, Vesuvius has been making significant investments in India by expanding the capacity of its existing manufacturing plants as well as setting up three new greenfield manufacturing plants which will create an additional capacity of 2,50,000 tons per annum. The flux manufacturing plant is first of the three new manufacturing plants expected to be operational in 2024.

“India has always been a strategic market for the group - we were the earliest refractory manufacturer globally to recognize the potential of this dynamic market and co-incidentally complete 30 years of starting our first manufacturing plant in India this year. Our investment in manufacturing capabilities in India will not only further enhance our competitive position in the country but also contribute to the socio-economic development of the communities where we operate and the development of the Indian economy.” said Biswadip Gupta, Chairman of Vesuvius India Limited (VIL).

Nitin Jain, Managing Director of VIL, said “With the inauguration of this cutting-edge manufacturing plant, we embark on a path that not only redefines industry standards but also reaffirms our dedication to delivering value to our customers. We have invested in state-of- the-art plant design with product consistency as the core. Further, kept sustainability in focus for energy efficiencies as well as waste management. On overall investment plans, we continue to make investments ahead of time to expand our capacity as well as product portfolio. This plant represents a significant step forward in our journey towards sustainable growth and reinforces our position as a leader in the industry.”

Jain also expressed appreciation for the employees' commitment and contribution over the years which he classifies as people capital of Vesuvius.
UNI SJC GNK
Please log in to get detailed story.
Tags: #Vesuvius Group inaugurates new Flux plant in Visakhapatnam
More News

M&M leads Indian auto-pack with record-breaking 674 patents in FY24

03 May 2024 | 7:12 PM

Kolkata, May 3 (UNI) Mahindra & Mahindra (M&M), the automotive and farm equipment flagship of the Mahindra Group, has received a record 674 patents in FY24, the most of any Indian 4-wheeler automobile/farm equipment manufacturer.

see more..

MRF' s consolidated income Rs 25,486 cr in FY 2023-24

03 May 2024 | 7:00 PM

Chennai, May 3 (UNI) Tyre major MRF' s consolidated total income is Rs 25,486 Crores for the year ended March 31, 2024, as compared to Rs. 23,261 crores in the previous year.

see more..
Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

03 May 2024 | 6:48 PM

Mumbai, May 3 (UNI) The Government has received 97.76 percent of Rs 2000 currency notes as on April 30, 2024, the RBI said on Friday while adding that the banknotes continue to be legal tender.

see more..

RXIL TReDS surpasses Rs 1 lakh cr in invoice financing for MSMEs

03 May 2024 | 6:23 PM

Mumbai, May 3 (UNI) Receivables Exchange of India Limited (RXIL) Trade Receivables Discounting System (TReDS) has achieved a significant milestone, facilitating financing of over 50 lac invoices worth Rs one lakh crore since its inception, providing accessible working capital financing solutions to Micro, Small and Medium Enterprises (MSMEs) in India which play a pivotal role in driving economic growth and facilitating the nation's journey towards achieving a Rs five trillion economy.

see more..
Profit booking pulls market down nearly 1%

Profit booking pulls market down nearly 1%

03 May 2024 | 6:11 PM

Mumbai, May 3 (UNI) The stock market on Friday fell nearly one percent as the BSE sensex closed at 73878.15 points down by 732.96 points from previous close even as there were no negative surprises in the Q4 earnings of some of major companies.

see more..
image