Vedanta Ltd on Friday said it is conducting a strategic review of its steel and steel raw material business.

The Anil Agarwal-group firm disclosed in a regulatory filing that it has engaged advisers to assist in this review.

The company continues to review its strategic priorities in the normal course of its capital allocation discussions, with the aim to continue to maximise stakeholder value.

The review will begin immediately and will evaluate a broad range of options to maximise stakeholder value, including but not limited to a potential strategic sale of some or all of the above-mentioned steel businesses,” Vedanta said in the announcement that was made after market hours.

It was in 2018 that Vedanta entered the domestic steel industry through the acquisition of Electrosteel Steels (ESL) which was then the first of 12 large stressed accounts that were resolved under the Insolvency and Bankruptcy Code.

Its fully-owned subsidiary Vedanta Star Ltd (VSL) had then deposited an upfront amount of Rs 5,320 crore in an escrow account for the acquisition.

The acquired firm then had a steel manufacturing capacity of 1.5 million tonnes per annum in Bokaro, Jharkhand.

The product range of the company includes pig iron, billets, TMT bars, wire rods, and ductile iron pipes.

Vedanta disclosed that the steel business posted its highest-ever hot metal production in 2022-23.