Vedanta Shares In Green After Announcing Two 'Non-Profit' Industrial Parks

Vedanta is one of the biggest names in the Indian mining business, with revenue of over Rs 35,000 crore. The company recently announced another set of major industrial parks that it intends to set up.

A Non-Profit Industrial Park

The company's head, Anil Agarwal, took to his personal X (Formerly Twitter) to make the announcement.

In addition, the company shares were also trading in green on August 28.

In the X post, Agarwal said, "Industrial clusters are an engine of economic growth, which can generate massive jobs. Vedanta is going to set up two industrial parks, one for aluminium and another for zinc and silver."

The focus of these parks would be Zinc and Silver. Interestingly, these parks, according to Agarwal, would be set up on a not-for-profit basis.

According to Agarwal, the multibillion dollar mining company will play the role of an anchor, providing required impetus to potential entrepreneurs, intending to set up their entities in the park. He added, "Entrepreneurs can set up hundreds, even thousands, of downstream industries and other associated enterprises. We will also consider similar parks for oil and gas, and iron and steel."

In addition, Agarwal also added, "An industrial park can greatly increase the competitiveness of manufacturing. The cost of transporting raw materials is cut down. Energy can be sourced and secured at an affordable rate. There is a common infrastructure for all. Then there are synergies between companies that can be leveraged."

Vedanta Shares Rise

In the same post, Agarwal also touched upon espousing MSME industries and hoped for this project to be a 'transformative' mission that could bring about change to the smaller industries.

The Vedanata chief, however, did not mention the state or the region where these projects or parks would be set up.

The company shares continued to trade in green on Wednesday, August 28. At 14:01 IST, the company shares rose by 0.70 per cent or Rs 3.25. The company shares increased to Rs 467.00 per share.