Vedanta group announces Rs 1 lakh crore investment drive in Odisha; targets 50,000 jobs

New Delhi: Vedanta Group Chairman Anil Agarwal has announced a Rs 1 lakh crore investment drive in Odisha, with plans spanning aluminium, mining, refining and downstream manufacturing, while seeking faster land allocation and government clearances to take the projects forward over the next two-and-a-half to three years.

Agarwal made the announcement after meeting Odisha Chief Minister Mohan Charan Majhi on Saturday, saying the group was ready to invest in projects aimed at expanding industrial activity and employment in the state.

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He said Vedanta was looking to develop another refinery in Raigarh and a smelter, while also seeking to advance work related to bauxite and aluminium production. The group also plans to expand its existing operations in Jharsuguda.

"Will make an investment of Rs 1 lakh crore," Agarwal said, adding that the projects could start moving ahead immediately if the government continued to provide cooperation.

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On the proposed expansion in Jharsuguda, Agarwal said the group was considering setting up a 2 million-tonne plant, with around 500 acres of land being made available alongside the existing power plant. He said the expansion could generate at least 50,000 jobs directly and indirectly.

"If this government keeps cooperating like this, the work will move forward," Agarwal said, adding that the pace of implementation would depend on the speed of land allotment and clearances.

Agarwal also called for greater development of aluminium-based industries in Odisha, saying the state could attract a large number of small and medium enterprises producing components for sectors including automobiles, aviation, railways and transport.

He said Vedanta would provide power and aluminium to industries setting up operations in the state, while seeking employment for local people as a priority.

The Vedanta chief also pitched for greater social infrastructure alongside industrial development, including a large hospital for tribal communities, a digital university and a research-oriented hospital. He said he wanted the proposed research facility to work towards developing medicines for major diseases such as cancer.

Agarwal said the focus should be on creating employment opportunities for tribal communities and expanding industrial activity, while seeking cooperation from the government to take the plans forward.

He said the broader objective was to accelerate Odisha's industrialisation while creating employment opportunities for people across the state.