Wednesday, September 28, 2022

Adani Group to invest Rs. 57,575 crores in Odisha, creating 9300 local direct jobs

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The Adani Group, India’s fastest-growing diversified portfolio of infrastructure, energy, and utility industries, will invest Rs 57,575 crore in Odisha. The Odisha government’s High-Level Clearance Authority (HLCA), led by Chief Minister Naveen Patnaik, authorised the Adani Group’s request to build two projects: a 4 MMTPA Integrated Alumina Refinery and a 30 MMTPA Iron Ore (Value Addition) Project.

“Odisha is one of our most key states in which we have continued to invest, and we are grateful for the cooperation we have got from the Hon’ble Chief Minister, Mr Naveen Patnaik,” said Mr Gautam Adani, Chairman of the Adani Group. “Metals are key commodities in which our nation must be self-sufficient, and these initiatives are consistent with our Atmanirbharta goal.” Furthermore, being a power-intensive industry, it is in close proximity to the renewable energy that we are able to create, allowing us to make the cleanest alumina anywhere. Our Rs 57,575 Cr capital investment would create 9,300 direct jobs and tens of thousands of indirect job opportunities in Odisha.”

The 4 MMTPA Integrated Alumina Refinery, which would be built near potential bauxite sources or operating mines, will produce Smelter Grade (Metallurgical Grade) Alumina, assisting India in its transition to import substitution. The 30 MMTPA Iron Ore (Value Addition) Project will include an iron ore beneficiation plant that will create iron ore concentrate, a slurry pipeline that will transport iron ore concentrate slurry, and a dewatering/filtration & pellet facility that will produce filter cake and pellet.

The iron ore beneficiation facility would be built at Deojhar, in the Keonjhar district of northern Odisha, while the pellet factory will be built in Dhamra, in the neighbouring Bhadrak district. The slurry pipeline will run between Deojhar and Dhamra along the utility corridor of the highways.

Odisha, long known as India’s mineral hub, is home to more than half of the country’s bauxite and iron ore deposits. The Adani Group’s initiatives, which are in line with the Odisha government’s Vision 2030: Development of Downstream Units in the Metal Sector, are projected to boost the state’s development and general socioeconomic position.

One of the largest economic conglomerates in India, Adani Enterprises Limited (AEL) is the flagship firm of the Adani Group. The initial Rs. 150 invested in Adani Enterprises, the group’s first initial public offering (IPO), has increased to Rs. 900,000+.

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