Vedanta’s Subhalaxmi Co-operative launches ‘Udyogini’ to encourage entrepreneurship among rural women

4th January 2023

  • Aims to expand its membership fold from 4,100 to 10,000

Jharsuguda, Odisha; January 04, 2022: Subhalaxmi Co-operative, one of India’s largest rural women’s co-operatives supported by Vedanta Aluminium, India’s largest producer of aluminium, launched ‘Udyogini’ project to promote entrepreneurship among rural women residing in Jharsuguda and nearby areas. Subhalaxmi Co-operative is the flagship community development initiative of Vedanta Aluminium at Jharsuguda, with over 4,100 women members in its fold. The co-op works towards the empowerment of women by enabling aspiring women entrepreneurs with micro-finance, skill development, financial literacy and market linkage, for building sustainable livelihoods.

Under the Udyogini project, the co-op aims to increase its membership base to 10,000 in a few years’ time and enhance the income of its members by at least 50%. The project was kickstarted with a two-day orientation program on Co-operative Affairs & Management for the 15 newly elected Board of Directors and other members. The program focused on promotion of entrepreneurship development and educated participants on the various facets of entrepreneurial policies, genesis, financial portfolios, etc.

The program, organized in partnership with the Entrepreneurship Development Institute of India (EDII), was conducted by Mr. Santanu Mohanty, (Retd.) Senior Grade–A, Odisha Cooperative Service (OCS) Officer of the Government of Odisha (Cooperation & Agricultural Marketing Department) in the presence of Nilima Kujur, District Program Manager, Odisha Livelihood Mission, Jharsuguda, Mr. Sunil Gupta, CEO – Vedanta Ltd., Jharsuguda, and Mr. Rajkumar Pradhan, Branch Manager, IDBI Bank, Jharsuguda.

As part of the Udyogini project, the co-op will also build partnerships and resource convergence with government line departments and initiatives such as the Odisha Livelihood Mission, Mission Shakti, Integrated Tribal Development Agency, District Forest Department, and others, through which the co-op members can avail maximum benefits.

Appreciating the participants of the workshop and encouraging their entrepreneurial spirits, Mr. Sunil Gupta, CEO – Vedanta Ltd., Jharsuguda said, “The Subhalaxmi Co-operative is a shining example of what corporate and community partnership can achieve, and the members of Subhalaxmi are prime testaments of true social & economic empowerment of rural women. Vedanta Jharsuguda is proud to have played a role in their success. With Project Subhalaxmi’s Udyogini, we will continue to enable them to pursue their aspirations, so they develop agency, become financially empowered and equal participants in development.”

Speaking about the positive impact of Vedanta’s Subhalaxmi Co-operative on their lives, Pankajini Oram, President of Subhalaxmi Co-operative, said, “The Subhalaxmi Co-operative has transformed lives of thousands of women like me in Jharsuguda by providing livelihood opportunities in the region. Each member of our co-operative is an excellent example of true empowerment that happens when one’s will to progress is empowered through skill development. I thank Vedanta for their constant support and believe that the new project will enable even more women of our society to avail Subhalaxmi Co-op’s benefits.”

Highlights of Subhalaxmi Co-operative’s journey so far:

  • One of India’s largest rural women’s co-operatives, that is a self-governed community with more than 4000 women in 338 Self-Help Groups
  • Developing more than 1,400 women entrepreneurs on farm & non-farm trades in the last 2 years alone
  • Created a fund base of over INR 3.8 crores and conducted business of INR 35.8 crores since 2008.
  • ‘Subhalaxmi Mahila Kalyan Panthi’ – a unique social welfare fund providing financial support to expecting mothers, scholarships to meritorious students, support in case of demise of spouse, etc, to more than 1100 beneficiaries.
  • Governed by 15 elected Board of Directors and developed a cadre of women leaders through co-operative affairs and management workshops

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.26 million tonnes in FY22. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 4th in the Dow Jones Sustainability Index (DJSI) 2021 world rankings for aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

About Vedanta Limited:

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, have been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programmes with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies have been featured in Dow Jones Sustainability Index, and was conferred Frost & Sullivan Sustainability Awards 2020, Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2022. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com

About Vedanta Aluminium Business:

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.37 million tonnes in FY24. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, a reflection of its leading sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

For more information, please log on to www.vedantaaluminium.com

Follow us on LinkedIN, Facebook, Twitter, Instagram

Disclaimer:

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.