Anil Aggarwal-controlled Vedanta plans to set up a hot metal park at Jharsuguda in Odisha in partnership with the state government. The proposed joint venture would host auto ancillary units in the park with Vedanta’s aluminium unit being the anchor.
The company has already started working with all top automobile original equipment makers (OEMs) over the last few months and has signed agreements with them. Apart from other auto products, Vedanta is specifically looking at alloy wheels. “We are in talks with the government of Odisha to put up a hot metal park there and have automobile ancillary units. It (the plan) is at an active discussion stage. The government will provide land and enter into a joint venture with us,” Ajay Kapur, the newly appointed chief executive officer, Vedanta Aluminium and Power told Business Standard.
Vedanta has a cast house there but would need to make more investment. Besides, some land is
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
Or
Also Read
Vedanta
- NSE
- BSE
- 1D
- 5D
- 1M
- 3M
- 6M
- 5Y
- MAX