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.
Vedanta Resources is a global diversified company that is involved in mining. It has its headquarters located in London, England and is the largest mining company in India. The company was founded by Anil Agarwal who is the current Chairman of the company.
He has a net worth of USD 3.5 billion and is among the 24th richest men in India. He had recently announced that the company will be institutionalized and won’t be giving his business to his family. In this article let’s look at the further details about it.
The Chairman of Vedanta Resources, Anil Agarwal has conveyed on 26 June 2021 that the company will be institutionalized no matter what and it will not go to his family. He added that the company cannot be run in a defensive mode.
The family itself is an institution according to him and he conveyed that in the future if the family is capable enough to run the company then it is a different thing. It was conveyed during a webinar on Vedanta of Business that was organized by the FICCI Ladies Organization which is a women business wing of the apex body of FICCI.
Reason Why Anil Agarwal is not giving his Business to his Family
One of the major reasons the NRI Anil Agarwal and his family has stated is aiming to give back to the society from where he has got it all. He and his family have decided to give away 75 % of their wealth for the good of the society.
Anil Agarwal has stated that it is important to give back what we earn for the greater good of the society and community programmes that work towards the eradication of poverty, child welfare and women empowerment.
Vedanta Revenue from Operations
How is Anil Agarwal doing it?
Anil Agarwal has stated that he would provide 75 % to the society and the rest 25% would be given to his family. He also stated that the 25% will be enough for the family. The pledge of 75 % is estimated to be around USD 2.6 billion which is about INR 15.900 crores.
He stated that the company is the largest producer of oil in India and the largest producer of zinc and silver. He added that he would institutionalize the company at any cost.
Anil Agarwal on India
Anil Agarwal while speaking about India conveyed that India is a land of entrepreneurship with the advantage of location, young talent, natural resources, and sea on all the three sides. He also added that the country is moving towards an economy that is self reliant.
He added that the world never wanted India to grow and always looked at it as a market. But at present, the process of being self-reliant has grown over time and the youth of the country have come up with various startups and ideas and are taking the country to greater heights.
Anil Agarwal on Women Entrepreneurship in India
Speaking of women entrepreneurship in the country he added that India has the largest deposit of gold, oil and minerals and stated that it is high time that we explore them and added that the young and women entrepreneurs are supposed to do it.
Worldwide around 44% of the women are entrepreneurs and in India, it is just 20% of the women are into entrepreneurship. It is considered as the time for the women to come up as they can deliver as well as convince people.
Conclusion
India will have to eradicate poverty and create more jobs, which all the countries have done by exploring their natural resources and the current policy of India is expected to bring in a lot more investments because there are opportunities in the country and the government has created a likely environment.
FAQ
What is the net worth of Anil Agarwal?
The Net worth of Anil Agarwal is 430 crores USD.
What is the revenue of Vedanta?
The revenue of Vedanta is ₹183,622.00 crore (US$26 billion). Its operations span across India, South Africa, Namibia, Ireland, and Australia.
Is Vedanta an Indian company?
Vedanta Limited is the Indian subsidiary of London listed Vedanta Resources Plc and Its operations span across India, South Africa, Namibia, Ireland, and Australia.
The rise of the second wave of Covid 19 in India has led to a lot of infections and an increased demand for oxygen across the country. Many states have reported that there is a lack of oxygen in the hospitals and there are a lot of patients in requirement of oxygen.
The shortage of oxygen has led to the death of several patients in the hospitals. Amidst the chaos, several private and public sector companies have changed their manufacturing plants and converted those into manufacturing of oxygen. Heres a list of companies that have started manufacturing oxygen cylinders in India.
Reliance Industries Ltd is a multinational company which has its headquarters in Mumbai, India. Reliance Industries is owned by Mukesh Ambani. The Jamnagar Oil Refineries of reliance Industries have been changed to manufacture medical-grade oxygen cylinders.
The company has said that it would manufacture around 700 tones of medical-grade oxygen cylinders per day and has plans to distribute it freely to the states that are affected by Covid-19. The Jamnagar Oil Refineries is located in Gujarat, India.
The plant had started the manufacturing of 100 tones of medical-grade oxygen cylinders in the beginning and later it was increased to 700 tones because of the requirement. The company has plans to increase the manufacturing output of medical-grade oxygen cylinders to up to 1000 tones in a short span of time.
JSW Steel
JSW steel is an Indian company which is involved in the manufacturing of steel. The company has its headquarters located in Mumbai, India. The company had recently revealed that its Dolvi Plant in the state of Maharashtra was manufacturing around 185 tones of medical oxygen and supplying it according to the requirement from last week.
JSW Steel also has plans to increase the manufacturing of medical oxygen their other 3 plants which are Ballari plant in the state of Karnataka, Dolvi Plant in the state of Maharashtra and Salem plant in the state of Tamil Nadu.
The company is working towards manufacturing and providing around 600 tones of oxygen on a daily basis. The company is also planning a strategy to increase its manufacturing and supply of oxygen in its Tamil Nadu factory.
Tata Group is a multinational company which has its headquarters located in Mumbai, India. Tata group is one of the oldest and the biggest companies in India.
The subsidiaries of the Tata group such as Tata Steel are in the process of transferring oxygen to the states which have an increased demand for medical oxygen.
To bring a solution to the shortage of oxygen supply, the company has taken a decision and declared that in order to carry liquid oxygen, they would import around 24 cryogenic containers.
The cryogenic containers are known for storing gases that are liquified at very low temperatures because of their design which contains dual walls. There are also multilayer insulation vessels.
How is liquid oxygen transported
Vedanta
Vedanta Company is an Indian-based company which is involved in the mining. They have mined in different states such as Goa, Rajasthan, Karnataka and Odisha. Their main operations include mining of iron ore, aluminum and gold. The company has its headquarters located in Mumbai, India.
Vedanta has offered to provide oxygen from its Plant in Tamil Nadu which is located in Thoothukudi and is a decommissioned Sterlite Copper Plant. According to Vedanta, their factory has around 2 oxygen plants and is expecting to manufacture around 1,050 tones combined from both the plants on a daily basis.
Steel Authority of India Limited (SAIL) is a steel manufacturing company. It is an enterprise which is owned by the Government of India. The company has its headquarters located in New Delhi, India.
According to a report from SAIL, the company has supplied around 35,000 tones of liquid oxygen from its manufacturing plants. The oxygen is said to have a purity of around 99.7 %.
The manufacturing plants of SAIL are located in Bokaro plant which is in the state of Jharkhand, Bhilai plant which is in the state of Chhattisgarh, Rourkela plant which is in the state of Odisha, Durgapur plant and Burnpur plants.
IOL and Bharat Petroleum
Indian Oil Corporation (IOL) is an oil and gas corporation which is under the Government of India. It has its headquarters located in New Delhi, India. It is the largest commercial oil company in the country.
Bharat Petroleum Corporation Limited (BPCL) is also an oil and gas corporation which is under the Government of India. It has its headquarters located in Mumbai, India, it is the second largest commercial oil company in the country.
IOC and BPCL have also started supplying medical oxygen from their plants. They have begun redirecting the oxygen that are generated in their refineries to provide medical oxygen to the states that are affected by Covid-19.
They have supplied oxygen to various hospitals such as Delhi, Punjab and Haryana. IOC has begun supplying around 150 tonnes of oxygen on a daily basis and BPCL has begun supplying around 100 tonnes of oxygen on a daily basis for free of cost.
Rashtriya Ispat Nigam Limited is a steel producer company. The company has its headquarters in Vishakhapatnam, India. Rashtriya Ispat Nigam Limited has provided liquid oxygen to Andhra Pradesh and other states that are affected by Covid-19.
They have added 5 units of oxygen extraction plants in which 3 plants have the capacity to produce around 550 tones on a daily basis and the other 2 units will have the capacity to produce around 600 tones on a daily basis.
The company is producing around 100 tones of liquid oxygen and around 2,600 tones of gas oxygen on a daily basis.
IFFCO
Indian Farmers Fertilizer Co-operative Limited (IFFCO) is a Multi-state cooperative society which has its headquarters in New Delhi, India. They are involved in the manufacturing and marketing of fertilizers.
IFFCO has said that in the next 15 days they would set up 4 oxygen plants for an approximate rate of around INR 30 crores. The plants will be created in Paradise (Odisha), Aonla, Phulpura (Uttar Pradesh), and Kalol (Gujarat).
FAQ
Is US helping India with Covid?
As per the Officials the U.S. is trying to help India deal with its coronavirus surge.
How much vaccination is done in India?
India has completed 14 crore COVID-19 vaccine doses in total 99 days.
Which company made Covaxin vaccine?
Covaxin has been developed by Hyderabad-based company Bharat Biotech in collaboration with the Indian Council for Medical Research (ICMR) and the National Institute of Virology.
Conclusion
This is a major step taken by these companies to help the society and the citizens of the country. Mostly all the companies have been providing the oxygen for free of cost. We may be able to see a lot more companies coming together to support the country from a big crisis.
