Vedanta to invest Rs 1 Lakh Crore in Odisha, 2 Lakh new employment opportunity: A major boost to Odisha’s ambition of becoming half trillion- dollar economy by 2030
18th October 2024
18th October, 2024, Mumbai: Vedanta has been the partner of Odisha for the last 2 decades with investment of more than Rs. 1 Lakh Crore, creating more than 1 Lakh jobs in the state.
Vedanta has acquired Sijimali mines through auctions, which is one of the largest deposits of bauxite.
During today’s interaction with the Chief Minister and his delegation at the Make in Odisha Conclave 2025 roadshow, “Utkarsh Odisha,” Vedanta Limited announced a new investment of Rs. 1 lakh crore. This investment will be directed towards establishing a 6 million tons per annum alumina refinery and a 3 million tons aluminium plant, focused on producing green aluminium powered by renewable energy. This will create massive industrial complex for the downstream industries, as there are more than hundreds of application of Aluminium which is used in auto, power, construction and railways sectors.
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. In collaboration with the Government of Odisha, Vedanta will establish education centers, hospitals, skill development centers, and Nandghars to benefit the people of the state. This will be the largest investment ever made in Odisha which will create 2 lakh jobs and opportunities for 1000s of MSMEs. As Aluminium is the metal of the future, demand for Aluminium is likely to double by 2030.
Hon’ble CM of Odisha Shri Mohan Charan Majhi said, “Odisha’s new double engine government is committed to the Hon’ble Prime Minister vision of Viksit Bharat by 2047. We are inviting the world to come and invest in new Odisha as we target to make Odisha a half trillion-dollar economy by 2030. We are organizing the Make In Odisha event “Utkarsh Odisha” in January 2025 and today during the pre-event road show, we had a fruitful interaction with Vedanta Chairman Shri Anil Agarwal who is impressed by our new robust policy framework. He has joined hands with our government to double their investment in Odisha and further invest Rs. 1 Lakh Cr including a new Alumina refinery which will create more jobs for the people of state. I take this opportunity to thank Shri Agarwal for this new investment and ensure that the state government will provide full support towards development of these projects. Jai Jagannath”.
Shri Anil Agarwal, Chairman, Vedanta Ltd, commented, “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. CM. 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.”
This announcement not only reaffirms Vedanta’s position as a key partner in Odisha’s development but also strengthens the state’s potential to become a global hub for Aluminium and industrial innovation.
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
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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.
