Vedanta Limited, India’s only diversified Natural Resources Company will sign a Memorandum of Understanding (MoU) with the Government of Odisha to commission an aluminium park in the state. This state-of-the-art plug-and-produce aluminium park will be set up across 240 acres of land, providing an exclusive ecosystem for industries dependent on, as well as manufacturing aluminium conductors, extrusions, castings, foils, powder and paste.
The park will facilitate easy transport of aluminium in liquid form, resulting in substantial cost savings that will be a game-changer for the downstream industries. With a holistic ecosystem in place, the park will attract a large number of aluminium/aluminium based industries generating huge revenues and employment in the region.
Mr. Abhijit Pati, CEO-Aluminium, Vedanta Limited, who was present during the announcement said, “Vedanta is deeply honoured to be the partner of choice for the Government of Odisha in setting up a crucial aluminium facility. This collaborative effort will create a win-win situation for all. The park has the potential to attract over INR 1,000 crore of investment which can be operationalized within a relatively short timeframe. In full capacity, the park can generate direct and indirect employment to approximately 17,000 people. With this kind of infrastructure, Odisha can become the aluminium hub of the world.”
Highlighting the numerous advantages of commissioning the facility in the state, Mr. Pati added, “The medium to long term outlook for aluminium production in Odisha is extremely positive. The state has abundant reserves of bauxite and accounts for 55% 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.”
The proposed Aluminium park will be adjacent to Vedanta’s 1.6 mtpa smelter along with 3,600 MW of power generation facilities. The Government of Odisha will provide necessary infrastructure for setting up the industries with incentives as per the IPR, in the form of land, electricity and others, the cost of which will be recovered from the investors who shall establish their units.
In the coming days, the Government of Odisha and Vedanta will organize roadshows and other promotional events across the country, to inform potential investors of the many benefits of setting up facilities at the aluminium park.