Adani Group To Invest Rs 57,575 Crore In Odisha

Billionaire Gautam Adani-led Adani Group on Thursday said it will invest Rs 57,575 crore to develop two projects in metal sectors in Odisha, leading to creation of 9,300 direct jobs in the state.

The group's proposal to set up the two projects—a four million metric ton per annum integrated alumina refinery and a 30 MMTPA iron ore (value addition) project—has been approved by the High-Level Clearance Authority headed by Chief Minister Naveen Patnaik, the company said in a statement.

"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,” Gautam Adani, chairman, Adani Group said in the statement.

The 4 MMTPA integrated alumina refinery will be set up in the vicinity of potential bauxite reserves or operational mines and will produce smelter grade, that is, metallurgical grade alumina.

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 and pellet plant to produce filter cake and pellet.

"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," Adani said.

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, according to the statement. The slurry pipeline will run along the utility corridor of the roads between Deojhar and Dhamra, the company said in the statement.

Adani Enterprises Ltd., the flagship company of Adani Group is focused on building infrastructure, energy, and utility businesses.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.