Vedanta Ltd. on Friday announced in a press release that it will invest Rs 1 lakh crore in Odisha to set up a 6-million-tonne per annum alumina refinery and a 3-million-tonne aluminium plant to manufacture green aluminium with renewable power.
The Anil Agarwal-led company and the Odisha government will set up education centres, hospitals, skill development centres, and Nand Ghars in the state, which will help generate 2 lakh jobs as well as opportunities for 1,000 MSMEs, according to the press release.
The company made the announcement during an interaction with the chief minister and his delegation on the roadshow of Make-in-Odisha Conclave 2025.
Since the past two decades, the Mumbai-based conglomerate has infused more than Rs 1 lakh crore, along with generating over 1 lakh jobs in the state. It has also acquired Sijimali mines, which are among the largest deposits of bauxite, the media statement said.
"Odisha has always played an important role in Vedanta's growth. Our investments reflect our commitment to the state's inclusive growth and driving large-scale industrialisation," said Vedanta Chairman Anil Agarwal.
Shares of Vedanta closed 1.84% higher at Rs 480.85 apiece, compared to a 0.42% rise on the benchmark NSE Nifty 50.
It has risen 108.61% in the last 12 months and 85.98% on a year-to-date basis.
Out of 15 analysts tracking the company, nine have a "buy" rating on the stock, five recommend a "hold", and one suggests a "sell", according to the Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 5.9%.
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