Vedanta To invest ₹1 Lakh Crore In Odisha, 2 Lakh New Employment Opportunity: A Major Boost To The Odisha’s Ambition Of Becoming Half Trillion-Dollar Eonomy By 2030

18^th October, 2024, Mumbai: Vedanta has been the partner of Odisha for the last 2 decades with investment of more than Rs. 1 Lakh Crore, creating more than 1 Lakh jobs in the state. Vedanta has acquired Sijimali mines through auctions, which is one of the largest deposits of bauxite.

During today's interaction with the Chief Minister and his delegation at the Make in Odisha Conclave 2025 roadshow, "Utkarsh Odisha," Vedanta Limited announced a new investment of Rs 1 lakh crore.

This investment will be directed towards establishing a 6 million tons per annum alumina refinery and a 3 million tons aluminium plant, focused on producing green aluminium powered by renewable energy. This will create massive industrial complex for the downstream industries, as there are more than hundreds of application of Aluminium which is used in auto, power, construction and railways sectors.

As Odisha progresses toward becoming one of the most developed states with a vision to achieve a half-trillion-dollar economy by 2030, Vedanta envisions Rayagada emerging as a highly developed region, akin to the new Jharsuguda. In collaboration with the Government of Odisha, Vedanta will establish education centers, hospitals, skill development centers, and Nandghars to benefit the people of the state.

This will be the largest investment ever made in Odisha which will create 2 lakh jobs and opportunities for 1000s of MSMEs. As Aluminium is the metal of the future, demand for Aluminium is likely to double by 2030.

Hon’ble CM of Odisha Shri Mohan Charan Majhi said, “Odisha’s new double engine government is committed to the Hon’ble Prime Minister vision of Viksit Bharat by 2047. We are inviting the world to come and invest in new Odisha as we target to make Odisha a half trillion-dollar economy by 2030. We are organizing the Make In Odisha event “Utkarsh Odisha” in January 2025 and today during the pre-event road show, we had a fruitful interaction with Vedanta Chairman Shri Anil Agarwal who is impressed by our new robust policy framework. He has joined hands with our government to double their investment in Odisha and further invest Rs. 1 Lakh Cr including a new 6 Million Ton Alumina refinery & 3 Million Ton Smelter which will create more jobs for the people of state. I take this opportunity to thank Shri Agarwal for this new investment and ensure that the state government will provide full support towards development of these projects. Jai Jagannath.”

Shri Anil Agarwal, Chairman, Vedanta Ltd, commented, “Odisha has always played an important role in Vedanta’s growth. Our investments reflect our commitment to the state's inclusive growth and driving large-scale industrialization. Under the leadership of Hon. CM. Shri Mohan Charan Majhi, we will continue to contribute to the state’s economic progress, empower communities, and enhance the quality of life for millions in Odisha."

This announcement not only reaffirms Vedanta’s position as a key partner in Odisha’s development but also strengthens the state’s potential to become a global hub for Aluminium and industrial innovation. 

About Vedanta Limited

Vedanta Limited (“Vedanta”), a subsidiary of Vedanta Resources Limited, is one of the world’s leading critical minerals, energy and technology companies spanning across India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into electronics and display glass manufacturing.

For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition.

Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, aims to spend Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model anganwadis across India.

Vedanta Ltd. ranked 3rd in the S&P Global Corporate Sustainability Assessment 2023, and has been listed in the Dow Jones Sustainability World Index. The company has also been certified as a Great Place to Work and Kincentric Best Employer 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com 

For any media queries, please contact:

Mukul Chhatwal

Group Head – PR & Media Relations, Vedanta

mukul.chhatwal@cairnindia.com

+91 880 079 8864