Vedanta to establish two not-for-profit industrial parks: Anil Agarwal

Industrialist Anil Agarwal states that an industrial park can greatly increase the competitiveness of manufacturing while bringing down the cost of transporting raw material

Led by veteran industrialist Anil Agarwal, mining conglomerate Vedanta Resources will set up two "not-for-profit" industrial parks – one for aluminium and another for zinc and silver. The company is also considering similar parks for oil and gas, and iron and steel.

In a post on X, Agarwal said, "Industrial clusters are an engine of economic growth which can generate massive jobs. Vedanta is going to set up two industrial parks, one for aluminium and another for zinc and silver. These will be created on a not-for-profit basis."

Industrial clusters are an engine of economic growth which can generate massive jobs. Vedanta is going to set up two industrial parks, one for aluminium and another for zinc and silver. These will be created on a not-for-profit basis. Vedanta, as the anchor industry, will ensure… pic.twitter.com/5pEKzVlqEE

— Anil Agarwal (@AnilAgarwal_Ved) August 28, 2024

The post went on to add, "Vedanta, as the anchor industry, will ensure supply of raw material and energy, mostly renewable. Entrepreneurs can set up hundreds, even thousands, of downstream industries and other associated enterprises. We will also consider similar parks for oil and gas, and iron and steel."

 

Agarwal pointed out that an industrial park can greatly increase the competitiveness of manufacturing while bringing down the cost of transporting raw materials.

"For India, industrial parks are a good way to achieve scale in different sectors and across the value chain. They will be transformative not just for entrepreneurs but also employees and workers who can avail of best in class townships and facilities that will come up around the cluster. This is a proven model across the world," he added.

At present, Vedanta Resources operates one aluminium park located in Jharsuguda. It houses Vedanta's aluminium smelter and power plants and is designed to attract downstream industries that use aluminium, promoting the development of a robust aluminium ecosystem.

Earlier, on August 6, Vedanta Resources reported a 36.5 per cent increase in consolidated net profit at Rs 3,606 crore for the quarter ended June 30, 2024, against Rs 2,640 crore in the year-ago period. The net increase in profit was attributed to robust metals prices.