Vedanta pledges ₹1 lakh crore investment during Odisha CM’s Mumbai road show
Vedanta plans to invest ₹1 lakh crore in Odisha for an alumina refinery and aluminium plant, creating 200,000 jobs and boosting local economies.
MUMBAI: Indian mining company Vedanta Limited has announced a new investment of ₹1 lakh crore to set up an alumina refinery and an aluminium plant in Odisha. The announcement was made by Anil Agarwal, chairman of Vedanta Ltd, after he met Odisha chief minister Mohan Charan Majhi during the latter’s roadshow in Mumbai on Saturday to invite investments for the state. Majhi also met Anant Ambani, Kumar Mangalam Birla and other industrialists and corporate leaders in the IT, chemicals, petrochemicals, manufacturing, plastic and renewable energy sectors.
Vedanta’s investment is the largest ever made in Odisha, and is supposed to create two lakh jobs and opportunities for thousands of MSMEs. Majhi, who announced the ‘Make In Odisha’ event titled ‘Utkarsh Odisha’ scheduled for January 2025 in Bhubaneswar, said that Agarwal was “impressed by the state’s new robust policy framework”. “I take this opportunity to thank him for this new investment and will ensure that the state government provides full support to the development of the projects,” he said.
The development assumes significance considering activists and locals have for years blocked Vedanta’s plans to mine bauxite in the Niyamgiri hills of eastern Odisha, which the tribes consider sacred.
A Vedanta press note said that the investment would be directed towards establishing an alumina refinery of 6 million tonnes per annum and an aluminium plant of 3 million tonnes, focusing on producing green aluminium powered by renewable energy. It added that since aluminium was the metal of the future, the demand for aluminium was likely to double by 2030. Vedanta will also establish education centres, hospitals, skill development centres, and ‘nand ghars’ or anganwadis in collaboration with the Government of Odisha.
‘As Odisha progresses toward becoming one of the most developed states with a vision to achieve a half-trillion-dollar economy by 2030, Vedanta envisions Rayagada emerging as a highly developed region, akin to the new Jharsuguda,’ said the Vedanta press note.
“Odisha has always played an important role in Vedanta’s growth,” said Anil Agarwal. “Our investments reflect our commitment to the state’s inclusive growth and driving large-scale industrialisation. Under the leadership of CM 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.”
Vedanta Limited is headquartered in Mumbai, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
(With inputs from ANI)