Odisha holds over half of India's bauxite and Iron Ore Reserves.

Market NewsAsian News InternationalUpdated: August 13, 2022 8:25 am IST

 New Delhi: 

Chief Minister Naveen Patnaik-headed authority has approved the Adani Group's proposal to set up the projects - a 4 million tonne per annum capacity integrated alumina refinery and a 30 million tonne Iron Ore (value addition) project, it said in a statement on Friday.

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

The alumina refinery, to be set up in the vicinity of potential bauxite reserves or operational mines, will produce smelter grade alumina, which will help India move towards import substitution.

The iron ore beneficiation plant will be located in Deojhar in 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, the statement 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 Hon'ble Chief Minister Mr Naveen Patnaik," said 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."

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

Meanwhile, the group's flagship company Adani Enterprises reported its consolidated revenue up by 223 per cent year-on-year to ₹ 41,066 crore for the quarter ended June 30, 2022.

The company's attributable profit after tax (PAT) increased by 73 per cent to ₹ 469 crore in the first quarter of the current financial year.

 Source: NDTV-Business