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Make in Odisha: Vedanta pumps in another 25,000 crore investment

Vedanta Resources announced its plans to invest another ₹25,000 crores for the expansion of its aluminium, ferrochrome, and mining business in Odisha. Vedanta already has the single largest investment of ₹80,000 crore in the state and its quantum of investment contributes to nearly four percent of the state's Gross Domestic Product (GDP).

The development comes after a meeting between Odisha Chief Minister Naveen Patnaik and Vedanta Resources Chairman Anil Agarwal on Wednesday on the sidelines of the 'Make in Odisha-2022' roadshow. Patnaik is on a three-day visit to Mumbai to woo more investors to invest in the state months ahead of the Make-in-Odisha Conclave scheduled from November 30 to December 4.

 After the decision, a statement by the Vedantaquoting Agarwal said, the company has created over five lakh livelihood opportunities and fostered hundreds of MSMEs in the state.

While praising the state government Agarwal said, "We (Vedanta) stand testimony to what is possible if you make in Odisha. It is amongst the most favorable investment destinations in India, ably led by the stable governance, leadership, and vision of Shri. Naveen Patnaik Ji, which is reflected in the state’s Ease of Doing Business rankings.", as quoted by the news agency.

"New investments of more than ₹25,000 crores in line with the expansion of its aluminium, ferrochrome, and mining businesses, which will create more job opportunities and revenue for the state", Agarwal added

While commenting on Odisha's rich culture, skilled manpower and natural resource sector has contributed significantly to boosting the GDP of the nation, 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,"

Vedanta and Foxconn inked a Memorandum of Understanding (MoUs) with the Gujarat government for setting up a semiconductor & display fab manufacturing unit in the state with an investment of ₹1.54 lakh crore.

The announcement led to a war of words between the ruling Eknath Shinde Led government in Maharashtra and members of the erstwhile Maha Vikas Aghadi (MVA) government with Shiv Sena leader and former minister Aditya Thackeray slamming the current government for abandoning the deal after the MVA government had practically completed the agreement with his own efforts.

He said along with Industries Minister Subhash Desai, he had held meetings for bringing this semiconductor project to Maharashtra and the agreement was in its final stage but blamed the current dispensation in Maharashtra for sending the deal out of the State.