The Business Bytes
THEBUSINESSBYTES BUREAU
BHUBANESWAR/NEW DELHI, JANUARY 28, 2025
Vedanta Limited, a global leader in natural resources and technology, and a longstanding partner in Odisha’s development, has signed a Memorandum of Understanding (MoU) worth Rs. 1 lakh crore with the Government of Odisha to set up an alumina refinery and a smelter plant in Rayagada district. The agreement was inked on the opening day of Utkarsh Odisha – Make in Odisha Conclave 2025, held in Bhubaneswar.
The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, and Vedanta Limited Chairman Anil Agarwal. This landmark initiative aims to propel Odisha’s industrial growth by establishing cutting-edge aluminium production facilities and promoting sustainable development throughout the state.
The collaboration includes the development of a 6MTPA alumina refinery and a 3 MTPA green aluminium plant, which will enhance Odisha’s role in the global aluminium value chain. It also features the creation of an aluminium park designed to serve as a hub for downstream aluminium producers, fostering growth in sectors such as automotive, power, construction, and logistics. Furthermore, the project is expected to generate 2 lakh jobs, with a strong emphasis on empowering MSMEs across various industries.
Commenting on the occasion, Anil Agarwal said, “Odisha has always been integral to Vedanta’s growth story, and its resources have played an indelible role in India’s rise. This MoU represents a significant step toward driving large-scale industrialization and socio-economic development in the state, and a reiteration of our commitment to its progress. We are proud to deepen our decades-long collaboration with the Government of Odisha, ensuring sustainable growth, skill development, and a better quality of life for millions in the state.”
“We will establish the aluminium refinery of 6 million tonnes per annum (MTPA) capacity and aluminium smelter of 30 lakh tonne capacity in Rayagada district. The total investment will be around Rs 1 lakh crore,” said the Vedanta Chairman.
The first phase of the project is expected to be commissioned in the next three years, which will be expanded later, he added.
Vedanta’s existing investments in Odisha include the world’s largest single-location aluminium smelter at Jharsuguda, a world-class alumina refinery at Lanjigarh, and the FACOR ferrochrome plant in Bhadrak, in addition to a growing mines portfolio across the state. These initiatives have already established Odisha as India’s Aluminium Hub and contributed to significant socio-economic progress in the region through education, healthcare, and skill development programs.
As global aluminium demand is projected to double by 2030, this MoU positions Odisha as a major industrial and economic powerhouse. It aligns with India’s vision of becoming a global manufacturing leader, with Vedanta playing a pivotal role in Odisha’s transformation and India’s industrial evolution.
