The Business Bytes
Mumbai, October 18, 2024 (TBB Bureau): Vedanta Limited, a leading global natural resources company, has announced a significant new investment of Rs 1 lakh crore in Odisha, further solidifying its long-standing partnership with the state. This strategic move is expected to generate 2 lakh new employment opportunities and propel Odisha closer to its ambitious goal of becoming a half-trillion-dollar economy by 2030.
For over two decades, Vedanta has invested more than Rs 1 lakh crore in Odisha, creating over 1 lakh jobs and contributing to the state’s industrial landscape.
The company’s recent acquisition of the Sijimali mines — home to one of the largest bauxite deposits — positions it for further growth in the region.
During a meeting with Chief Minister Mohan Charan Majhi on Friday at the “Utkarsh Odisha” roadshow for the upcoming Make in Odisha Conclave 2025, Vedanta outlined plans to establish a 6 million tons per annum alumina refinery and a 3 million tons aluminium plant, both aimed at producing green aluminium powered by renewable energy. This industrial complex is expected to foster a robust ecosystem for downstream industries, tapping into the extensive applications of aluminium across sectors such as automotive, power, construction, and railways.
Chief Minister Majhi expressed enthusiasm about the partnership, stating, “Odisha’s double-engine government is committed to realizing the Hon’ble Prime Minister’s vision of a developed India by 2047. We invite global investments to transform Odisha into a thriving economic hub. This significant investment by Vedanta, including the new alumina refinery, will create vital job opportunities for our people. I extend my gratitude to Shri Anil Agarwal for this commitment and assure that our government will provide unwavering support for the development of these projects.”
In addition to industrial growth, Vedanta’s investment will enhance community infrastructure. The company plans to collaborate with the Odisha government to establish educational institutions, hospitals, skill development centers, and Nandghars (community centers), benefiting the local population.
Vedanta Chairman Anil Agarwal emphasized the company’s long-standing partnership with Odisha, saying, “Odisha has always played an important role in Vedanta’s growth. Our investments reflect our commitment to the state’s inclusive growth and driving large-scale industrialization. Under the leadership of Hon’ble Chief Minister Shri Mohan Charan Majhi, we will continue to contribute to the state’s economic progress, empower communities, and enhance the quality of life for millions in Odisha.”
The Vedanta Chairman highlighted the vision for Rayagada to emerge as a highly developed industrial hub, similar to Jharsuguda. “Our investment reflects our unwavering commitment to Odisha’s inclusive growth and large-scale industrialization,” Agarwal stated.
This latest investment not only reinforces Vedanta’s role as a key player in Odisha’s development but also enhances the state’s potential as a global hub for aluminium production and industrial innovation. With aluminium demand projected to double by 2030, this strategic investment positions Odisha at the forefront of future growth opportunities.
As Odisha moves towards realizing its vision for economic transformation, Vedanta’s commitment serves as a catalyst for development, fostering an environment ripe for further investments and opportunities across the state.
