The Business Bytes
Bhubaneswar, July 24, 2024 (TBB Bureau): Hindalco Industries Ltd, the metal flagship company of the Aditya Birla Group, is set to significantly contribute to the industrial development of Odisha with a planned investment of over Rs. 25,000 crore. This ambitious investment strategy was revealed during a meeting between Hindalco’s Odisha President, Ardhendu Mohapatra, and Odisha’s Deputy Chief Minister, KV Singhdeo, here on Wednesday.
Hindalco’s investment will focus on several key projects aimed at expanding its industrial footprint in the state. Among the highlights is the establishment of a 2 MTPA alumina refinery, named the Aditya Alumina Refinery, at Kanshariguda in Rayagada district, with an investment of Rs. 8,000 crore. This project is poised to become a major player in the state’s industrial landscape.
Additionally, the company plans to develop a 1000 MW floating solar power project at Hirakud, backed by an investment of Rs. 6,000 crore. This initiative not only underscores Hindalco’s commitment to sustainable energy solutions but also positions Odisha as a leader in renewable energy innovations.
Further cementing its role in Odisha’s industrial expansion, Hindalco will invest approximately Rs. 7,000 crore to enhance the Aditya Aluminium Smelter plant located at Lapanga in Sambalpur district.
These ventures are expected to bolster the regional economy and generate substantial local employment opportunities.
During the meeting, Mohapatra highlighted that Hindalco has already invested over Rs. 33,000 crore in various operational industrial units within Odisha, providing direct and indirect employment to more than 21,000 people.
In response, Deputy Chief Minister KV Singhdeo assured the company of the government’s full support, emphasizing the importance of employing local talent in both existing and upcoming projects. “The government is committed to facilitating industrial growth while ensuring that the benefits of such developments are shared with the local population,” Singhdeo stated.
The planned investments by Hindalco are set to further strengthen Odisha’s position as a key industrial hub in India, fostering economic growth and improving the livelihoods of its residents through increased employment opportunities.
With these strategic initiatives, Hindalco Industries reaffirms its dedication to driving sustainable industrial progress and enhancing economic development in Odisha.
