Metal and mining major Vedanta has announced an investment of Rs one lakh crore in Odisha towards the setting up of an alumina refinery and an aluminium plant in the state. 

The new investment will be in setting up a six MTPA alumina refinery and a three MTPA green aluminium plant, which will result in generating employment of two lakh in the state. Vedanta Chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi in Mumbai during a roadshow held on 19 October, 2024, ahead of an investor summit in Odisha in January 2025. The new investment will create 'massive industrial complex' for downstream industries, as applications for aluminium range from auto, power to construction and railways.

The company envisions Rayagada to be the most developed area in Odisha similar to the new Jharsuguda. Additionally, it will also open education centres, hospitals, skill development centres and play schools along with the Odisha government in the state.