Following Chief Minister Patnaik’s three-day trip to Mumbai, where he met with various industrialists and bankers and persuaded them to invest in the State, Vedanta Resources has decided to invest an additional 25,000 crore in Odisha.
Vedanta Resources said that it would invest an additional 25,000 crore to grow its mining, ferrochrome, and aluminium businesses in Odisha. Vedanta has already made the single-largest investment of 80,000 crore in the state, and the amount of that investment accounts for approximately 4% of the state’s GDP (GDP).
The event happened following a meeting on Wednesday, outside of the “Make in Odisha-2022” roadshow, between Vedanta Resources Chairman Anil Agarwal and Chief Minister of Odisha Naveen Patnaik. In order to attract more investors to the state months before the Make-in-Odisha Conclave, which is slated from November 30 to December 4, Patnaik is on a three-day visit to Mumbai.
According to a statement by Vedanta quoting Agarwal, the company has provided over five lakh possibilities for livelihood and supported hundreds of MSMEs in the state since the decision.
Agarwal praised the state administration, saying, “Vedanta is a living example of what can be accomplished in Odisha. It is one of the best places in India to invest thanks to Shri. Naveen Patnaik Ji’s capable leadership, stable government, and vision, which are reflected in the state’s Ease of Doing Business rankings “, as reported by the news source.
“new investments of more than 25,000 crore in accordance with the growth of its mining, ferrochrome, and aluminium sectors, which will increase employment possibilities and provide more revenue for the state,” Agarwal furthered.
Agarwal said, “We are also setting up one of the largest aluminium parks in the country near our Jharsuguda smelter to boost the domestic aluminium downstream ecosystem,” in reference to Odisha’s rich culture, skilled workforce, and natural resource sector having significantly boosted the nation’s GDP.
With a commitment of ₹1.54 Lakh Crore, Vedanta and Foxconn signed an MoU with the Gujarati government to establish a semiconductor and display fab production facility there.
Aditya Thackeray, a Shiv Sena leader and former minister, criticised the current government for abandoning the deal after the MVA government had almost entirely finished the agreement with his own efforts. The announcement sparked a verbal exchange between the ruling Eknath Shinde Led government in Maharashtra and members of the former Maha Vikas Aghadi (MVA) government.
He said that he had talks with Industries Minister Subhash Desai to bring this semiconductor project to Maharashtra, and that the agreement was nearing completion. However, he accused the current Maharashtra government for moving the transaction outside of the State.
Prasanta Patnaik