Vedanta Resources on Friday announced its plans to invest a whopping Rs 25,000 crore for the expansion of its aluminium, ferrochrome and mining business in Odisha. Vedanta already has the single largest investment of Rs 80,000 crore in the state and its quantum of investment contributes to over four per cent of the state's Gross Domestic Product (GDP).
The decision comes after a meeting between Odisha Chief Minister Naveen Patnaik and Vedanta Group chairman Anil Agarwal on Wednesday on the sidelines of the 'Make in Odisha 2022'.
CM Patnaik is currently on a three-day visit to Maharashtra's Mumbai to win more investors to invest in the state several months ahead of the Make in Odisha Conclave that is scheduled from November 30 to December 4.
As per a statement by the company, Agarwal said that the company has created over five lakh livelihood opportunities and fostered hundreds of MSMEs in the state.
According to PTI, while praising the Patnaik-led government, he said, "We (Vedanta) stand testimony to what is possible if you make in Odisha. It is amongst the most favourable investment destinations in India, ably led by the stable governance, leadership, and vision of Shri. Naveen Patnaik Ji, which is reflected in the state’s Ease of Doing Business rankings." He stated that the decision will create more job opportunities and revenue for the state.
"We are also setting up one of the largest aluminium parks in the country near our Jharsuguda smelter to boost the domestic aluminium downstream ecosystem," he added.
Taking to Twitter, CM Patnaik wrote, "In a major boost to #InvestInOdisha, @VedantaLimited has announced to invest ₹25,000 Cr for expansion of aluminium ferrochrome & mining business in #Odisha. The announcement came during CM @Naveen_Odisha's visit to #Mumbai for #OdishaInvestorsMeet2022."
While Vedanta Resources chairman Agarwal tweeted, "So far, we have made the single largest investment in Odisha (₹80,000 crores), & contribute to 4% of state's GDP....today, I am proud to announce that we have committed to new investments of more than ₹25,000 crores, furthering development and job creation in the state!"
Earlier, Vedanta-Foxconn signed a Memorandum of Understanding (MoU) with the Gujarat government for setting up a semiconductor and display fab manufacturing unit in the state with an investment of Rs 1.54 lakh crore.
