Leading mining company Vedanta plans to invest Rs 1 lakh crore in Odisha’s Rayagada to establish an aluminum refinery and smelter project. The company’s chairman, Anil Agarwal, announced that the first phase of the project will begin within the next three years. Last year, the company had revealed plans to invest the same amount to set up an aluminum refinery with an annual capacity of 6 million tonnes, along with an aluminum plant capable of producing 3 million tonnes annually.

However, the company did not disclose the location of the plant last year. During the state’s ‘Utkarsh Odisha – Make In Odisha’ conclave, Anil Agarwal stated that Vedanta will establish an aluminum refinery with an annual capacity of 6 million tonnes, along with an aluminum plant capable of producing 3 million tonnes annually. 

He also mentioned that the company will invest Rs 1 lakh crore in the project. Agarwal further revealed that Vedanta has discovered bauxite in Rayagada, which is currently being developed.

Last year, Agarwal had met Odisha CM Mohan Manjhi and assured him of investment in the state. Agarwal said the company had already made an investment of more than Rs one lakh crore in the state.