Odisha Business Updates – One more aluminium park Set up in Odisha by Vedanta & invest 20,550 cr #Odisha #BusinessOdisha
Mining conglomerate Vedanta is planning to commission an aluminium park in Odisha, a move that will help the state become the aluminium hub of the world.
Vedanta today said it will ink a memorandum of understanding (MoU) with the Odisha government to set up the aluminium park across 240 acres of land in Jharsuguda.
“The park has the potential to attract over Rs. 1,000 crore of investment, which can be operationalised within a relatively short time-frame,” Vedanta CEO (Aluminium) Abhijit Pati said.
He also said the park can generate direct and indirect employment to about 17,000 people.
“With this kind of infrastructure, Odisha can become the aluminium hub of the world,” he said.
The park will facilitate easy transport of aluminium in liquid form, which would provide substantial cost savings for downstream industries.
Besides, the move could attract a large number of aluminium-based industries generating huge revenues and employment in the region, the company said.
According to the company, Odisha has abundant reserves of bauxite and accounts for 55 per cent of India’s deposits.
Coal, another important raw material for the smelters, is also available in abundance in the state.
“Easy proximity to the domestic markets and the geographical advantage of a large coastline which gives quick access to ports and the export market make Odisha a favourable destination for downstream industries,” Pati said.
The proposed aluminium park will be adjacent to Vedanta’s 1.6 mtpa smelter along with 3,600 MW of power generation facilities.
The Odisha government would provide necessary infrastructure for setting up industries with incentives in line with the IPR, in the form of land, electricity and others, the cost of which will be recovered from investors who shall establish their units. PTI