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Company News
Adani Group to invest Rs 57,575 crore for two projects in Odisha
(12 Aug 2022)

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 the aforementioned two projects. The Group will invest Rs 57,575 crore in the state of Odisha and the projects are expected to create 9,300 direct local jobs.

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.

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.

Gautam Adani, chairman, Adani Group, said: “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 Chief Minister Naveen Patnaik.

Metals are critical commodities in which our nation must be self reliant, 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 crore will create 9,300 direct jobs and open up tens of thousands of indirect employment opportunities in Odisha.”

Adani Enterprises is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses. The next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, roads, data center and water infrastructure.

The company's consolidated net profit jumped 72.9% to Rs 469.46 crore in Q1 FY23 as against Rs 271.46 crore in Q1 FY22. Revenue from operations in the first quarter stood at Rs 40,844.25 crore, surged 224.7% from Rs 12,578.77 crore reported in the same period last year.

The scrip advanced 0.86% to currently trade at Rs 2857.60 on the BSE.

   
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