Odisha's Chief Minister Mohan Charan Majhi met with Vedanta Group Chairman Anil Agarwal on Thursday to lay out a strategic investment plan aimed at boosting the state's industrial and economic growth. Their discussion centred on how Vedanta's ambitious development projects can align with the Prime Minister's vision of "Viksit Odisha for Viksit Bharat."
October 2024: Vedanta's assurance to the Odisha government
The company is to invest around INR 1 lakh crore (USD 12.05 billion) in Odisha. This investment will fund the establishment of a 6 million tonnes per annum alumina refinery and a 3 million tonnes per annum aluminium smelting and production plant. These projects will harness renewable energy sources, aim to create approximately 2 lakh jobs and foster a robust ecosystem of MSMEs, along with downstream aluminium processing. Additionally, they will enhance social infrastructure by developing skill hubs, hospitals and educational centres, all in line with the state's ambitious goal of reaching a half-trillion-dollar economy by 2030.
October 2025: Vedanta's plea to the government to accelerate the investment
The Indian aluminium company is calling on the Odisha government to speed up the process for its ambitious USD 20 billion aluminium investment in the state, which aims to bolster India's self-sufficiency in the metal industry. The company has laid out plans for large-scale projects, including an alumina refinery, an aluminium smelter and various downstream industries. These initiatives are expected to create a wealth of job opportunities and stimulate industrial growth in the region. The firm stressed that quicker approvals and supportive policies are essential for realising its long-term vision of transforming Odisha into a global aluminium hub, all while aligning with the country's development objectives.
What is the current update?
Currently, the Odisha government is fully backing the firm's upcoming investments, promising to provide the essential land and infrastructure needed to get these projects off the ground. During their talks, it was revealed that the mining company is planning to establish a cutting-edge Ferro-Alloys Plant in Keonjhar with an investment of INR 2,000 crore (USD 241 million). This move is set to bolster Odisha's standing in the global metals value chain and solidify its role as a vital centre for advanced industrial growth.
Moreover, as previously revealed, the firm is going to set up two new aluminium parks in Odisha. One will be right next to its current aluminium plant in Jharsuguda, while the other will be at a site chosen by the state government. These state-of-the-art facilities are set to specialise in producing high-grade aluminium alloys for important sectors like aerospace, electric vehicles and defence. This move is set to turn Odisha into a major player in value-added aluminium manufacturing. Additionally, it's expected to draw in significant investments and open up fantastic growth opportunities for the MSME sector throughout the state.
Also read: Hindalco hits record high, Vedanta targets $4B EBITDA as aluminium prices rally
After discussions with Vedanta Chairman Agarwal, CM Majhi stated, "The state government is committed to realising the Prime Minister's vision of 'Viksit Bharat'. Through infrastructure development and industrial investments by companies like Vedanta, Odisha will achieve this goal, and the state is now poised to emerge as a global hub for industry and technology."
Chief Minister Mohan Charan Majhi praised the firm's proposed investment, calling it a game-changer for Odisha's economic future. He pointed out that these large-scale projects will catalyse rapid growth, creating numerous job opportunities for the youth and bolstering the state's industrial foundation. Emphasising a long-term vision, the Chief Minister remarked that such initiatives will be crucial in achieving Odisha's goal of becoming a USD 500 billion economy by 2036.
To know forecasts of the global aluminium extrusion industry till 2032, read the report on “The World of Aluminium Extrusions – Industry Forecast to 2032”
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