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Home / Business / Vedanta to invest another Rs 25,000 crore in Odisha

Vedanta to invest another Rs 25,000 crore in Odisha

Investment to expand its aluminium, ferrochrome and mining businesses in the state
With this quantum of investment, it is contributing nearly 4 per cent to Odisha’s state GDP through its operations (direct and indirect), a company statement said.
With this quantum of investment, it is contributing nearly 4 per cent to Odisha’s state GDP through its operations (direct and indirect), a company statement said.
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PTI   |   Bhubaneswar   |   Published 16.09.22, 12:41 AM

Vedanta Resources, which has the single largest investment of Rs 80,000 crore in Odisha, on Wednesday said it plans to pump in another Rs 25,000 crore for expansion of its aluminium, ferrochrome and mining businesses in the state.

With this quantum of investment, it is contributing nearly 4 per cent to Odisha’s state GDP through its operations (direct and indirect), a company statement said.

Odisha chief minister Naveen Patnaik held a meeting with Vedanta Resources chairman Anil Agarwal in Mumbai on the sidelines of the ‘Make in Odisha – 2022’ roadshow.

Quoting Agarwal, the statement said the company has created over five lakh livelihood opportunities and fostered hundreds of MSMEs in the state.

He was quoted saying, “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, which is reflected in the state’s Ease of Doing Business rankings.”

He also said that the company has “new investments of more than Rs 25,000 crore in line with the expansion of its aluminium, ferrochrome and mining businesses, which will create more job opportunities and revenue for the state”

“We are also setting up one of the largest aluminium parks in the country near our Jharsuguda smelter to boost the domestic aluminium downstream ecosystem,” Agarwal said adding that Odisha’s rich culture, skilled manpower and natural resource sector have contributed significantly to boost the GDP of the nation.

Business ecosystem

Patnaik on Thursday rang the opening bell at BSE before culminating his three-day visit to the western metropolis.

He appealed to investors to take advantage of conducive business ecosystem of Odisha.

Patnaik in a Twitter post said: “Honoured to ring the opening bell at BSE. For investors looking forward to invest, #Odisha is indeed a place to be. Appeal investors to take advantage of conducive business ecosystem, friendly facilitation service & policies. #InvestInOdisha.” 



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