Mumbai: Vedanta, a major player in metals and mining, announced plans on Friday to invest Rs 1 lakh crore in Odisha to establish a 6 million tonne per annum (MTPA) alumina refinery and a 3 MTPA green aluminium plant, media reports said.
This investment, the second of its scale for the company in the state, aims to create 2 lakh jobs and support Odisha's target of becoming a USD 500 billion economy by 2030, news agency PTI reported.
Vedanta Chairman Anil Agarwal, who met Odisha Chief Minister Mohan Charan Majhi in Mumbai ahead of an investor summit scheduled for January 2025, reaffirmed the company’s commitment to driving large-scale industrialization in the region.
"Odisha has always played an important role in Vedanta's growth," Agarwal said.
The planned investment will help establish a "massive industrial complex" for downstream industries, benefiting sectors such as auto, power, construction, and railways, the company said.
Vedanta also emphasized that global demand for aluminium is set to double by 2030, positioning Odisha as a key industrial hub.
The company also plans to invest in social infrastructure, including education centres, hospitals, skill development hubs, and play schools, in collaboration with the state government, the report said.
Rayagada, where the new plant will be located, is expected to mirror the development of Jharsuguda, another industrial area in Odisha.
During his visit to Mumbai, Majhi is also reported to have held bilateral meetings with JSW Group Chairman Sajjan Jindal and Nadir Godrej of Godrej Industries, the report added.
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