Vedanta Ltd will set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of $3-4 billion. According to sources, the plant will be part of the company’s newly-acquired Electrosteel Steels Ltd (ESL) at Bokaro so it’s a brownfield investment per se. Vedanta would initially invest about $300 million to augment capacity of ESL to 2.5 MT from the existing 1.5 MT. Once the new facility is commissioned, the total capacity of ESL would be around 7 MT. The plant would create 1,20,000 jobs in the form of direct and indirect employment. In March, Vedanta was declared as the successful resolution applicant for ESL under the corporate insolvency resolution process.