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.