NEW DELHI: UK-based Vesuvius Group will increase its investment in India to Rs 1,000 crore by increasing capital expenditure to Rs 1,000 crore, its Chief Executive Patrick Andrews said on Thursday.

He made the remarks while inaugurating a mold flux manufacturing plant in Visakhapatnam, the company said in a statement.

"Given our tremendous growth in India and our investment pipeline, we envisage exceeding our previously stated investment plans of Rs 500 crore to reach close to Rs 1,000 crore over the next few years," Andre was quoted as saying in the statement. Are."

Vesuvius is 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 tonnes per annum.

The flux manufacturing plant is the first of three new manufacturing plants expected to become operational in 2024.

Mold flux is an important component used in the continuous casting process in steel plants.

Biswadeep Gupta, President, Vesuvius India Limited, said, "India has always been a strategic market for the Group. Our investment in manufacturing capabilities in India will further enhance our competitive position in the country."