Vedanta’s single largest investment in Odisha, at INR 80,000 crores

14th September 2022

  • “We stand testimony to what is possible if you Make in Odisha,” said Mr. Anil Agarwal, Chairman – Vedanta Resources

Mumbai; 14th September 2022: Mr. Anil Agarwal, Chairman – Vedanta Resources, met with Shri. Naveen Patnaik, Hon’ble Chief Minister of Odisha, on the sidelines of ‘Make in Odisha – 2022’ roadshow being organised by the Government of Odisha in Mumbai. The Vedanta Group has made its single largest investment in Odisha till date, in aluminium manufacturing value chain, ferrochrome, mining and value-addition, to the tune of INR 80,000 crores. With this quantum of investment, Vedanta is contributing nearly 4% to Odisha’s state GDP through its operations (direct & indirect). The company has also created over 5 lakh livelihood opportunities and fostered hundreds of MSMEs in the state.

Speaking about Vedanta’s partnership in the progress of Odisha, Mr. Anil Agarwal, Chairman – Vedanta Resources, said, “We (Vedanta) stand testimony to what is possible if you Make in Odisha. It is amongst the most favourable investment destinations in India, ably led by the stable governance, leadership, and vision of Shri. Naveen Patnaik Ji, which is reflected in the state’s Ease of Doing Business rankings. Single window clearance system, 5T framework, focus on infrastructure projects, etc. have increased the investor community’s confidence in Odisha. And it is on account of this, that we have new investments of more than INR 25,000 crores in line for expansion of our aluminium, ferrochrome and mining business, which will create more job opportunities and revenue for the state. We are also setting up one of the largest Aluminium Parks near our Jharsuguda smelter to boost the domestic aluminium downstream ecosystem. It heartens us to see our investment in Jharsuguda turn the district into a vibrant industrial hub with an airport. Odisha’s rich culture, technically skilled manpower and natural resource sector have contributed significantly to boost the GDP of the nation. Beyond business, we are in the process of establishing 650 Nand Ghars, which will benefit more than 5 lakh women & children with interventions in education, nutrition, healthcare and skill development. This will be in addition to our 360-degree community development programs in hundreds of villages.”

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 company have been featured in Dow Jones Sustainability Index 2020, and was conferred Frost & Sullivan Sustainability Awards 2020, CII Environmental Best Practices Award 2020, CSR Health Impact Award 2020, CII National Award 2020 for Excellence in Water Management, CII Digital Transformation Award 2020, ICSI National Award 2020 for excellence in Corporate Governance, People First HR Excellence Award 2020, ‘Company with Great Managers 2020’ by People Business and certified as a Great Place to Work 2021. Vedanta’s flagship Nand Ghar Project was identified as best CSR project by Government of Rajasthan. 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 at 2.26 million tonnes in FY22. Vedanta is a leader in value-added aluminium products that find critical applications in core industries. 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

For Further Information, Please Contact:

Ms. Sonal Choithani
Chief Communications Officer
Aluminium Business, Vedanta Ltd.
Sonal[dot]Choithani[at]vedanta[dot]co[dot]in
www.vedantaaluminium.com

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.