BusinessAdani Group will invest 57,575 crores in Odisha, the state government has...

Adani Group will invest 57,575 crores in Odisha, the state government has approved 2 projects

The Odisha government headed by Chief Minister Naveen Patnaik has approved the proposal of Adani Group to set up two projects in the state.

Industrialist Gautam Adani-led Adani Group will invest Rs 57,575 crore in Odisha. The High-Level Clearance Authority (HLCA) of the Odisha government headed by Chief Minister Naveen Patnaik has approved the Adani Group’s proposal to set up two projects. Out of this, the first proposal is to set up an Integrated Alumina Refinery with a capacity of 4 MMTPA and the second proposal is to set up an Iron Ore (Value Addition) Project with a capacity of 30 MMTPA.

Gautam Adani said on the occasion, “Odisha is one of the strategically most important states for us where we continue to invest and we always appreciate the support received from Hon’ble Chief Minister Shri Naveen Patnaik.”

Adani further said,”Metal is a very important commodity in which our country should become self-reliant. These projects are in line with our goal of selfreliant India. Our capital investment of Rs 57,575 crore will provide direct employment to about 9,300 people in Odisha and thousands of people. Will open up indirect employment opportunities.”

The Integrated Alumina Refinery with a capacity of 4 MMTPA is expected to be located near potential bauxite reserves or on-going mines and is expected to produce smelter grade (metallurgical grade) alumina, thereby reducing India’s dependence on imports from abroad in the sector will gain help in.

The iron ore (value addition) project with a capacity of 30 MMTPA includes laying of an iron ore beneficiation plant, a pellet plant and a slurry pipeline, the company said in a statement. Iron Ore Beneficiation Plant to be set up at Deojhar in Keonjhar district of Odisha. The pellet plant will be set up in Dhamra area of neighboring Bhadrak district. A slurry pipeline will be laid from Deojhar to Dhamra to connect the two plants.

Meanwhile, shares of Adani Group’s flagship company Adani Enterprises closed 0.36% per cent higher at Rs 2,837.40 on the NSE on Thursday, August 11. The stock has gained 19.94% per cent in the last one month, while it has gained 96.65 per cent in the last one year.

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