Anil Agarwal said an industrial park can greatly increase the competitiveness of the manufacturing industry. | Photo: Bloomberg
Mining conglomerate Vedanta Resources, led by veteran industrialist Anil Agarwal, will set up two “not-for-profit” industrial parks — one for aluminium and another for zinc and silver. The company is also considering similar parks for oil and gas, and iron and steel.
In an article published in X, Agarwal said, “Industrial conglomerates are an engine of economic growth that can generate a lot of jobs. Vedanta is going to set up two industrial parks, one for aluminium and another for zinc and silver. They will be set up on a non-profit basis.”
Industrial clusters are an engine of economic growth that can generate massive employment. Vedanta is going to set up two industrial parks, one for aluminium and another for zinc and silver. They will be set up on a non-profit basis. Vedanta, as an anchor industry, will ensure… image.twitter.com/5pEKzVlqEE-Anil Agarwal (@AnilAgarwal_Ved) August 28, 2024
The article continues: “Vedanta, as a base industry, will ensure the supply of raw materials and energy, mostly renewable. Entrepreneurs can set up hundreds, even thousands, of refining industries and other associated enterprises. We will also consider similar parks for oil and gas, and iron and steel.”
Agarwal noted that an industrial park can greatly increase the competitiveness of manufacturing while reducing the cost of transporting raw materials.
“For India, industrial parks are a good way to achieve scale across different sectors and across the value chain. They will be transformative not just for entrepreneurs but also for employees and workers who will be able to take advantage of the better cities and facilities that will come up around the cluster. This is a proven model around the world,” he added.
Vedanta Resources currently operates an aluminium park located in Jharsuguda. This is home to Vedanta’s aluminium smelter and power plants and is designed to attract aluminium-using industries, thereby promoting the development of a robust aluminium ecosystem.
On August 6, Vedanta Resources reported a 36.5% rise in consolidated net profit at Rs 3,606 crore in the quarter ended June 30, 2024, from Rs 2,640 crore in the same period last year. The rise in net profit was attributed to strong metal prices.
First published: August 28, 2024 | 14:53 IS
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