September 29, 2022

Bhubaneswar, Sep 15: Vedanta Resources Chairman Anil Agarwal on Wednesday said his company has new investments of more than Rs 25,000 crore in line for expansion of its aluminium, ferrochrome and mining business in Odisha.

He made the announcement while meeting Odisha Chief Minister Naveen Patnaik on the sidelines of Make in Odisha-2022 roadshow in Mumbai.

“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 Naveen Patnaik ji, which is reflected in the state’s Ease of Doing Business rankings,” he said in a statement.

Th single window clearance system, 5T framework, focus on infrastructure projects, etc. have increased the investor community’s confidence in Odisha, said Agarwal.

Apart from the Rs 25,000 crore new investments, he pointed out that the company is also setting up one of the largest Aluminium Parks near Jharsuguda smelter plant 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,” he said.

Beyond business, the Vedanta is in the process of establishing 650 Nand Ghars, which will benefit more than 5 lakh women and children with interventions in education, nutrition, healthcare and skill development, he said, adding: “This will be in addition to our 360-degree community development programmes in hundreds of villages.”

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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 Rs 80,000 crore, the company said.

With this quantum of investment, Vedanta is contributing nearly 4 per cent to Odisha’s state GDP through its operations (direct & indirect). The company said it has also created over 5 lakh livelihood opportunities and fostered hundreds of MSMEs in the state.

The Chief Minister, who is in Mumbai on the three-day trip, also held one-to-one meetings with top businessmen including Aditya Birla Group Chairman Kumar Mangalam Birla and Mahindra Group Chairman Anand Mahindra.

Patnaik in a tweet said he invited Mahindra to explore vast opportunities for investment and ease of doing business available in the state. He also urged Birla Group to expand its operations in the state.

He also met leaders of banking institutions including SBI Chairman Dinesh Kumar Khara, HDFC Bank country head Arvind Vohra and ICICI Bank Executive Director Rakesh Jha, and invited them to expand their banking services in the unbanked areas of the state.