Vesuvius India has unveiled plans to invest around Rs 1,000 crore in the country over the next few years. This surpasses its earlier investment plan of Rs 500 crore.

The Kolkata-headquartered company, which is a part of the UK-based refractory maker Vesuvius Group has inaugurated a new mould flux manufacturing plant at Vishakapatnam.

Located at Edhulapaka Bhonangi village in Parawada mandal of Anakapalli district of Andhra Pradesh, it will help meet the growing demand for flux, which is a vital component in the continuous casting process in the steel sector.

In the last two years, the company has been making investments in India for capacity expansion at its existing manufacturing plants as well as setting up three new greenfield manufacturing plants which will create an additional capacity of 2,50,000 tpa.

Also, this is the first of three new facilities expected to be operational in 2024.