Bhubaneswar: Mining conglomerate Vedanta will set up its Rs 1 lakh crore aluminium refinery and smelter project in Raygada district of Odisha.
The company signed an MoU worth Rs 1 lakh crore with the Mohan Mjahi government Odisha, on the opening day of Utkarsh Odisha, the state’s global investment conclave organised in Bhubaneswar,
Speaking to media on the sidelines of the business summit, company Chairman Anil Agarwal said that the first phase of the project is expected to be commissioned in the next three years. “We will establish the aluminium refinery of 6 million tonnes per annum (MTPA) capacity and aluminium smelter of 30 lakh tonne capacity in Rayagada district. The total investment will be around Rs 1 trillion. This MoU represents a significant step toward driving large-scale industrialization and socio-economic development in the state, and a reiteration of our commitment to its progress” he said.
The mining conglomerate has got Sijimali bauxite mine in Rayagada district, which is now being developed for exploration, he added.
In October last year, Vedanta announced an investment of Rs 1 lakh crore in Odisha to set up an alumina refinery and an aluminium plant in the state. However, the place where it will be set up was not revealed then.
The announced initiatives will not only further cement Odisha’s crucial role in the global aluminium value chain, but will also generate 2 lakh employment opportunities and foster MSME growth across sectors like automotive, power, construction, and logistics.
The Anil Agarwal-led group has already invested Rs 1 lakh crore across assets in the state. The company is now operating a 1.8 MTPA smelter in Jharsuguda and a 3.5 MTPA alumina refinery in Lanjigarh. It is mining chrome ore in Jajpur and Dhenkanal districts. Besides, ESL Steel Limited, a subsidiary of Vedanta Limited, operates two iron ore mines in Sundargarh district.
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