Adani Group invests more than 57,000 crore in this state

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 Odisha holds more than half of India's bauxite and iron ore reserves.

New Delhi: The government led by Minister Naveen Patnaik has approved the proposal of the Adani Group for the establishment of projects - a synthetic alumina refinery with a capacity of 4 million tons per year and an iron ore project (value-added) 30 million tonnes, he said in a statement on Friday.  Odisha holds more than half of India's bauxite and iron ore reserves. 

 The alumina refinery, which will be located near potential bauxite reserves or active mines, will produce smelted alumina, which will help India move towards import substitution. 

 The iron ore beneficiary mill will be located at Deojhar in Keonjhar district, while the pellet mill will be located at Dhamra in neighboring Bhadrak district. According to the statement, the mud pipeline will run along the utility corridor of  roads between Deojhar and Dhamra. 

                  “Odisha is one of our most strategic states in which we have continued to invest and we have always appreciated the support we have received from Honorary Minister, Sir Naveen Patnaik,” Gautam Adani, Chairman of Adani Group said. 

 "Metals are an essential commodity that our nation must be self-sufficient in, and these projects align with our vision of Atmanirbharta. Additionally, as an energy-intensive company, it's very close to the renewable energy  we can generate and helps produce the greenest alumina available." 

 The latest investment is expected to create 9,300 direct jobs and open  tens of thousands  indirect job opportunities in the state, Adani said. 

 Meanwhile, the group's flagship, Adani Enterprises, recorded a 223% increase in consolidated revenue  year-on-year to 41,066/- Carore for the quarter ended June 30, 2022. 

 Profit after-tax profit  (PAT) attributed to the company increased by 73% to  469  in the first quarter of the current fiscal year.

Location: Odisha, India

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