Vedanta’s biggest investment in Odisha at Rs 80,000 Cr
Bombay: Mr. Anil Agarwal, Chairman – Vedanta Resources, met with Shri. Naveen Patnaik, Chief Minister of Honorable Odisha on the sidelines of the ‘Make in Odisha – 2022’ roadshow organized by the Government of Odisha in Mumbai.
Vedanta Group has made its biggest investment in Odisha to date, in the value chain of aluminum fabrication, ferrochrome, mining and value addition, to the tune of Rs 80,000 crores. With this amount of investment, Vedanta contributes almost 4% to the GDP of Odisha State through its operations (direct and indirect). The company has also created over 5,000,000 livelihood opportunities and supported hundreds of MSMEs in the state.
Speaking about Vedanta’s partnership in the progress of Odisha, Mr. Anil Agarwal, Chairman of Vedanta Resources said, “We (Vedanta) are witnessing what is possible if you do in Odisha. It is one of the most favorable investment destinations in India, ably led by Shri’s stable governance, leadership and vision. Naveen Patnaik Ji, which is reflected in the state’s ease of doing business ranking. The one-stop customs clearance system, 5T framework, focus on infrastructure projects, etc. have increased the confidence of the investment community in Odisha. And it is for this reason that we have new investments of more than INR 25,000 crore online for the expansion of our aluminum, ferrochrome and mining businesses which will create more business opportunities. jobs and income for the state. We are also setting up one of the largest aluminum parks near our Jharsuguda smelter to boost the domestic downstream aluminum ecosystem. It encourages us to see our investment in Jharsuguda transforming the neighborhood into a vibrant industrial center with an airport. Odisha’s rich culture, technically skilled labor and natural resource sector have contributed significantly to boosting the nation’s GDP. Beyond business, we are in the process of establishing 650 Nand Ghars, which will benefit more than 5 lakh women and children with interventions in education, nutrition, healthcare and skills development. This will be in addition to our 360 degree community development programs in hundreds of villages.
Vedanta investments and their economic impact in Odisha:
- Vedanta’s aluminum smelter in Jharsuguda is the largest single-site aluminum smelter in the world (excluding China) and the only Indian smelter in the global ‘1 million ton’ club.
- India’s first metal producer to manufacture low carbon aluminium, under the ‘Restora’ brand, for customers worldwide.
- A world-class alumina refinery in Lanjigarh (Kalahandi district), which supplies the company’s aluminum smelters.
- Ferro Alloys Corporation Limited (FACOR), a subsidiary of Vedanta, is one of India’s leading producers and exporters of ferroalloys.
- FACOR also contributes 8% of India’s chrome ore production
- Reducing Odisha’s power deficit by 10% over the past decade, by providing about 20 billion units of electricity to alleviate the severe power shortage.
These major national assets have considerably strengthened the socio-economic fabric of the regions in which they operate.
The impact of Vedanta’s community development programs in Odisha include:
- 360-degree social impact through deep interventions in education, healthcare, livelihoods, rural infrastructure and more, with a focus on the development of women and children, in more than 130 towns.
- Partnership with the Government of Odisha’s “Mo School” program to increase rural school infrastructure and enable children to access high quality education.
- Creation of the first English medium school in Kalahandi, the DAV Vedanta International School, which welcomes 1,200 pupils, 90% of whom are from local communities. This school has created an aspiration for quality education among the local communities, which is reflected in the increase in literacy levels in Kalahandi.
- Establishment of a vibrant rural women’s cooperative called “Subhalaxmi” in Odisha, which now has over 4100 women members, who are engaged in various businesses like agriculture, tailoring, manufacturing, poultry, etc.
- Vedanta Hospital, a 20-bed state-of-the-art medical facility in Lanjigarh, accommodates more than 60,000 people who visit Vedanta Hospital every year. Vedanta Aluminum’s free health services and awareness campaigns have also helped reduce the prevalence of malaria in Kalahandi.
- Revive age-old art forms like Dhokra and Saura, and encourage tribal sports like archery, at the local level.