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Tag: Odisha

  • Vedanta to Invest INR 1 Trillion in Odisha, Create 100,000 Jobs Across Three Plants

    The Chief Minister’s Office (CMO) announced on 23 October that mining behemoth Vedanta Group plans to invest an additional INR 1 trillion in Odisha, generating over 100,000 direct and indirect job opportunities. The group has already made comparable investments in the state through a number of projects.

    Following the presentation of the investment proposal to Chief Minister Mohan Charan Majhi in Bhubaneswar by Vedanta Chairman Anil Agarwal, the announcement was made. In a post on X, the CMO stated that the proposal calls for two new aluminium parks, one at Jharsuguda and another at a location chosen by the state government, as well as an ultra-modern ferro-alloys factory in Keonjhar that will cost INR 2,000 crore.

    Vedanta’s Investment a Game Changer for Odisha: CMO

    According to Majhi, who was cited by the CMO, such significant investments will revolutionise Odisha’s path to being a $500 billion economy by 2036. Agarwal stated that land acquisition was in progress and that project work would start in three to four months after his meeting with the chief minister.

    According to OdishaTV, he claimed that the projects would directly employ between 30,000 and 40,000 people and should be finished in three to three-and-a-half years. Vedanta already runs sizeable power and aluminium facilities in Odisha, and this latest investment bolsters its industrial foothold there.

    Vedanta Spreading its Wings in Odisha

    As part of its aim to double capacity from the present 3 MTPA, Vedanta’s aluminium unit CEO, Rajiv Kumar, announced last month that the company was purchasing land for a 3 MTPA aluminium smelter in Dhenkanal.

    At a New Delhi event, he stated that Vedanta is actively engaged in land acquisition in order to reach its goal of six million tonnes, and ideally, things are moving along rather nicely. Another significant step in Ferro Alloys Corporation’s (FACOR) industrial growth in the state was taken last month when Chief Minister Majhi laid the cornerstone for the company’s ferrochrome plant in Bhadrak, which is owned by the Vedanta Group.

    Quick Shots

    •Vedanta
    plans three major projects including two aluminium parks and a ferro-alloys
    plant.

    •Over
    100,000 direct and indirect jobs expected; 30,000–40,000 direct employment
    opportunities.

    •Aluminium
    parks in Jharsuguda and a state-chosen site; Ferro-alloys plant in Keonjhar.

    •Keonjhar
    ferro-alloys plant alone estimated at INR 2,000 crore.

    •Land
    acquisition in progress; projects expected to start in 3–4 months and
    complete in 3–3.5 years.

    •Investment seen as a game-changer
    for Odisha’s path to a $500 billion economy by 2036.

  • Odisha Could Become Main Investment Destination After Tata Steel’s Kalinganagar Expansion

    Following the phase-II expansion of its Kalinganagar facility, which would increase production from 3 million tonnes per annum to 8 million tonnes per annum, Tata Steel announced on 16 September 2024 that Odisha would become the single-largest investment destination for the firm.

    The steel major has invested INR 27,000 in phase II of the Kalinganagar plant expansion, and the firm is on the verge of commissioning its enlarged capacity at the unit, according to a release issued by the company.

    Tata Steel has stated that the ongoing development in Kalinganagar will play a significant role in the company’s efforts to reach its goal of achieving a capacity of 40 million metric tonnes per annum in India by the deadline of 2030.

    Odisha on the Rise

    As stated in the official statement, the phase-II expansion of Tata Steel’s Kalinganagar plant, which is located in the Jajpur district of Odisha, will also propel the eastern state to the coveted status of becoming the single-largest investment location for the country’s oldest steel maker.

    The business has made a total investment in Odisha that exceeds INR 100,000 crore, which includes the Tata Steel Meramandali factory in the Dhenkanal region. This plant was originally known as Bhushan Steel Ltd.

    In spite of the fact that the business is on the cusp of commissioning its enlarged capacity in Kalinganagar (to 8 mtpa), Tata Steel feels that the facility has the potential to double this capacity to 16 mtpa in the future years. This would further reinforce Odisha’s role in Tata Steel’s growth trajectory.

    Kalinganagar Has Become the Preferred Destinantion for the Company

    For Tata Steel, the narrative of Kalinganagar has been truly memorable. In less than a year after it was put into operation, plant had reached nearly full capacity utilisation, and it is now commencing the second phase of our expansion initiative. Tata Steel’s presence in the automotive and high-end quality product market segments will be strengthened as a result of the product mix that is currently being deliberated. Tata Steel’s Chief Executive Officer and Managing Director, TV Narendran, stated that the Kalinganagar facility is anticipated to be among the most cost-effective steel manufacturers in the world.

    The Tata Steel Kalinganagar factory, which began commercial production in May 2016, has been responsible for the creation of employment possibilities in the state that are both direct and indirect for more than 21,955 individuals. Included in this are 3,611 people who are employed directly, as well as 18,344 people who are employed indirectly (via contracts).

    List of All the Companies Owned by Tata Group 2022
    Tata Group of industries is an Indian multinational conglomerate founded by Jamshedji Tata. Here’s a list of all companies owned by Tata Group.
    StartupTalkyDamini Bhandary