Vedanta to ink pact with Odisha to set up Aluminium park

Mining and metals major Vedanta Ltd today said it will sign a pact with Odisha government to set up in the state an Aluminium park, which is likely to create 17,000 jobs and attract over Rs 1,000 crore investment.
The plug-and-produce park will be set up across 240 acres of land, near Vedanta Aluminium's Jharsuguda plant, providing an ecosystem for industries dependent on and manufacturing aluminium conductors, extrusions, castings, foils, powder and paste.
Besides, the park will facilitate easy transport of the metal in liquid form, resulting in cost savings that will act as a game-changer for downstream industries.
With a holistic ecosystem in place, the aluminium park will attract large number of aluminium and related industries generating huge revenues and employment in the region, Vedanta Aluminium CEO Abhijit Pati told reporters in a con call.

"This will create a win-win situation for all. The park has potential to attract over Rs 1,000 crore of investment, which can be operationalised within a relatively short timeframe," he added.
In full capacity, the park can generate direct and indirect employment for around 17,000 people. With this kind of infrastructure, Odisha can become the aluminium hub of the world, Pati said.

The park will take around 12-18 months, once the MoU is signed, including all the requisite approvals.
On the linkages for bauxite, used in manufacturing of Alumina, Pati said Odisha government will provide two mines to the state government-run Odisha Mining Corporation (OMC), which will provide the mineral to the park through a long term supply pact.

When asked about the reasons behind entering such a pact even as domestic primary producers are battling cheap imports and weak prices, Pati said the medium to long term outlook for aluminium demand in India is very strong.
The proposed park will be adjacent to Vedanta's 1.6 MTPA smelter along with 3,600 MW of power generation facilities.
Odisha government will provide necessary infrastructure for setting up the industries with incentives in the form of land, electricity and others. The cost of this investment will be recovered from investors who shall establish their units.
Odisha and Vedanta will organise road shows to attract investors in setting up facilities at the park.