MUMBAI: Metal and mining major Vedanta on Friday announced an investment of Rs 1 lakh crore in Odisha to set up an alumina refinery and an aluminium plant in the state. The Anil Agarwal-led group has already invested Rs 1 lakh crore across assets in the state.
The new investment will be in setting up a 6 million tonne per annum (MTPA) alumina refinery and a 3MTPA green aluminium plant, a statement from Vedanta said.
It will create 2 lakh jobs in the state and help Odisha achieve its goal of becoming a USD 500 billion economy by 2030.
Vedanta Chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi earlier during the day in the financial capital. Majhi is in Mumbai for a roadshow to be held on Saturday, ahead of an investor summit in Odisha in January 2025.
Commenting on the new investment commitment, Agarwal said Odisha has always played an important role in Vedanta’s growth and affirmed the company’s commitment to drive large-scale industrialisation in the state.
The new investment will create “massive industrial complex” for downstream industries, the statement said, adding that there are hundreds of applications for aluminium including in the auto, power, construction and railways sectors.
As per the statement, demand for aluminium — a metal of the future — is likely to double by 2030.
Vedanta said it believes Rayagada will be the most developed area in Odisha similar to the new Jharsuguda.
Additionally, the company will also open education centres, hospitals, skill development centres and play schools along with the Odisha government in the state.
Majhi is understood to have met JSW Group chairman Sajjan Jindal and Nadir Godrej of Godrej Industries on a bilateral basis during the visit to the financial capital.