Vedanta, a major player in the metal and mining industry, announced on Friday that it will invest ₹1 lakh crore in Odisha to establish an alumina refinery and an aluminium plant. The company, led by Anil Agarwal, has already invested an equal amount in various assets within the state.
The new investment will go towards building a 6 million tonne per annum (MTPA) alumina refinery and a 3 MTPA green aluminium plant, according to a statement released by Vedanta. This initiative is expected to generate 200,000 jobs in Odisha and support the state’s goal of becoming a $500 billion economy by 2030.
Earlier in the day, Vedanta Chairman Anil Agarwal met with Odisha Chief Minister Mohan Charan Majhi in Mumbai. Majhi is in the city for a roadshow scheduled for Saturday, which is part of preparations for an investor summit in Odisha planned for January 2025.
Agarwal emphasized that Odisha has been crucial to Vedanta’s growth and reiterated the company’s commitment to fostering large-scale industrial development in the region. The new investment is set to create a “massive industrial complex” that will benefit downstream industries, as aluminium has numerous applications in sectors such as automotive, power, construction, and railways. According to the statement, the demand for aluminium—described as the metal of the future—is expected to double by 2030. Vedanta believes that Rayagada will become a highly developed area in Odisha, similar to the recently developed Jharsuguda.
In addition to the industrial investments, the company plans to collaborate with the Odisha government to open educational centers, hospitals, skill development centers, and play schools throughout the state.
During his visit to Mumbai, Chief Minister Majhi is also reported to have had meetings with JSW Group Chairman Sajjan Jindal and Nadir Godrej of Godrej Industries for discussions on potential collaborations.
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