Anil Agarwal comes out after meeting Naveen Patnaik in Bhubaneswar. (PTI)

Bhubaneswar, Jan. 4: UK-based Vedanta Resources Group has reaffirmed its commitment for investment to the tune of over Rs 50,000 crore in its various projects in Orissa despite the global recession.

“I assured the chief minister that we would complete all our projects in Orissa and would not divert our resources despite the global meltdown,” Vedanta Group chairman Anil Agarwal told reporters here after his meeting chief minister Naveen Patnaik here last night.

The UK-based group of industries is setting up an integrated aluminium complex at Jharsuguda and a 2,400MW independent thermal power plant with a total investment of Rs 51,000 crore.

Vedanta Alumina, part of the Vedanta Resources (Sterlite) Group, has already set up a Rs 4,000-crore alumina refinery with a production capacity of 1.4 million tonnes per annum (MTPA) at Lanjigarh in Kalahandi district.

The Anil Agarwal Foundation, founded by the group, is also establishing a multi-disciplinary world-class Vedanta University near Puri with an investment of Rs 15,000 crore.

Agarwal also announced that the group would buy back the shares from shareholders in its various projects in the wake of global slowdown.

The industrial magnate said the first phase of the 5MT aluminium smelter in Jharsuguda was in the advanced stage of commissioning and he had invited Naveen to inaugurate it.

On the other hand, the 1.4MTPA alumina refinery project at Lanjigarh in Kalahandi has started production. “We have got clearance from the Supreme Court for the bauxite mining project and very soon we are going to start mining project. We have deployed staff in large number,” he said.

The group, however, has not allocated funds for the 5MTPA steel plant proposed to be set up at Palaspanga in Keonjhar district, for which an MoU had been signed with the Orissa government in October 2004, he said.

Stating that he is very proud of Vedanta University project, Agarwal said: “We have acquired half of 6,000 acres required for the project. We will set up a 1000-bed hospital in the first phase. Construction will start soon.”

Asked as to how the group would tackle the resistance by a section of people to the varsity project, he said: “ We have to take care of the problems of local people. We will also convince them about the benefits accrued from our projects.”

Referring to his discussions with Naveen, he said that the chief minister wanted the Vedanta Group to participate in the alumina park to be set up at Jharsuguda where 700 downstream units were expected to come up. “We have agreed to extend all the support to the alumina park and supply power to the downstream industries,” he said.

He also agreed to the state government’s proposal to step up its support in terms of education, healthcare and nutrition to 40,000 children in pre-school centres in Kalahandi.