Mining major Vedanta resources plans to invest INR 150 to 200 billion ($2.93 billion) over next three years to expand its alumina and aluminium producing capacity in Odisha, India, according to a statement made by Anil Agarwal, chairman of Vedanta Resources Plc. on the inaugural day of the ‘Make in Odisha’ conclave, one of the biggest events highlighting investment in the state. The state government also confirmed that it got investment proposals in excess of INR 60,000 crore.
The company has already expressed its intention to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and simultaneously raise the capacity of its Jharsuguda aluminium smelter to 2 million tonnes. The London listed firm has working on their plan to expand the capacity of its Lanjigarh refinery for almost 8 years now. But, non-availability of required bauxite, the prime raw material for the plant has always created a hurdle in executing the plan.
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Vedanta currently imports bauxite or buys from other states of India to feed the refinery. Talks are on with the state-run Odisha Mining Corp to get access to the raw material locally. Unless raw materials are secured, the expansion plans remain only on pen and paper.
"We are looking forward to some bauxite strategy to come," the metals magnate said to the media during the event. Vedanta has already invested INR 600 billion to build the refinery and smelter and they are ready to put in INR 150 billion to 200 billion to expand capacity, he confirmed.
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