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Adani Group to invest Rs 57,575 Crores in Odisha

Posted On : 2022-08-12 17:23:55( TIMEZONE : IST )

Adani Group to invest Rs 57,575 Crores in Odisha

The Adani Group, the fastest-growing diversified portfolio of infra, energy and utility businesses in India, will invest Rs 57,575 Cr in the state of Odisha. The High-Level Clearance Authority (HLCA) of the Govt of Odisha, headed by Chief Minister Naveen Patnaik, approved the Adani Group's proposal to set up two projects - a 4 MMTPA Integrated Alumina Refinery and a 30 MMTPA Iron Ore (Value Addition) Project.

"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 the Hon'ble Chief Minister Mr Naveen Patnaik," said Mr Gautam Adani, Chairman, Adani Group. "Metals are critical commodities in which our nation must be selfreliant, and these projects are aligned with our 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. Our capital investment of Rs 57,575 Cr will create 9,300 direct jobs and open up tens of thousands of indirect employment opportunities in Odisha."

The 4 MMTPA Integrated Alumina Refinery, to be set up in the vicinity of potential bauxite reserves or operational mines, will produce Smelter Grade (Metallurgical Grade) Alumina, which will help India move towards import substitution. The 30 MMTPA Iron Ore (Value Addition) 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 Govt 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.

Shares of Adani Enterprises Limited was last trading in BSE at Rs. 2864.35 as compared to the previous close of Rs. 2833.25. The total number of shares traded during the day was 24320 in over 2366 trades.

The stock hit an intraday high of Rs. 2870.45 and intraday low of 2834.60. The net turnover during the day was Rs. 69501712.00.

Source : Equity Bulls


AdaniEnterprises INE423A01024 AdaniGroup Investments Odisha