Adani group will invest Rs 57,575 crore in setting up an alumina refinery in Odisha as the conglomerate run by richest Indian Gautam Adani adds one more business.
In a press statement, the group said it will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project.
“The High-Level Clearance Authority (HLCA) of the government of Odisha, headed by chief minister Naveen Patnaik, approved the Adani Group’s proposal to set up two projects — a 4 million tonnes per annum integrated alumina refinery and a 30 million tonnes iron ore (value addition) project,” it said.
Starting as a commodities trader in late 1980s, the Adani group has over the years added ports, airports, power, renewable energy, gas distribution, data centre and more recently cement business.
“Odisha is one of our most strategic states in which we have continued to invest and we are always appreciative of the support we have received from chief minister Naveen Patnaik,” said Gautam Adani, Chairman, Adani Group.
Metals, he said, are critical commodities in which the nation must be self-reliant, and these projects are aligned with vision of Atmanirbharta.
“In addition, being a power intensive business, it is a great adjacency to the renewable energy that we are able to generate and help to produce the greenest alumina anywhere,” he said. “Our capital investment of Rs 57,575 crore will create 9,300 direct jobs and open up tens of thousands of indirect employment opportunities in Odisha.” The alumina refinery, to be set up in the vicinity of potential bauxite reserves or operational mines, will produce smelter grade (metallurgical grade) alumina.
The iron ore project will comprise an iron ore beneficiation plant producing iron ore concentrate, a slurry pipeline for iron ore concentrate slurry and a dewatering/filtration & pellet plant to produce filter cake and pellet.
The iron ore beneficiation plant will be located in Deojhar, in northern Odisha’s Keonjhar district, while the pellet plant is to be set up in Dhamra, in the adjoining Bhadrak district.
The slurry pipeline will run along the utility corridor of the roads between Deojhar and Dhamra.
Odisha, long acknowledged as India’s mineral hub, holds over half of the nation’s bauxite and iron ore reserves.
“The Adani Group’s projects, which are aligned with the government of Odisha’s Vision 2030: Development of Downstream Units in Metal Sector, are expected to strengthen the development and overall socio-economic status of the state,” the statement added. PTI ANZ HVA
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact firstname.lastname@example.org
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail. And do not miss out on the Introductory Offer!!