NEW DELHI, May 23: Vedanta Group on Friday said it will invest Rs 30,000 crore in the Northeast in fields of oil and gas, critical minerals, refining facilities, power, optical fibre, system integration, renewable energy, transmission sectors and data centres.
Earlier this year, Vedanta had committed an investment of Rs 50,000 crore in Assam.
On Friday, the group announced investment of Rs 30,000 crore across Arunachal Pradesh, Nagaland, Tripura, Meghalaya and Mizoram, at Rising North East Investors Summit here.
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The investments will be made in the fields of oil and gas, critical minerals, refining facilities, power, optical fibre, system integration, renewable energy, transmission sectors and data centres in the six Northeastern states, Vedanta said in a statement.
Vedanta is undertaking one of the largest exploration and development programmes to unlock the hydrocarbons in the Northeast.
The investment will potentially generate up to 1 lakh jobs and enable socio-economic development of the region.
Vedanta is also committed to expanding its social impact initiatives such as Nand Ghars (modernised anganwadis that function as holistic centers for women & child development), handloom skill centers, digital classrooms for women and children, and promoting sports to ensure a brighter, more inclusive future for the youth of the region.
“Today, the states of the Northeast are growing in double digits. The opportunities are growing even faster. Under Prime Minister’s leadership, this region has become a key engine of growth for Viksit Bharat. Vedanta is fully committed to investment in the region which has the most amazing natural resources potential, from oil and gas to critical minerals and an exceptional pool of talented human resources,” Vedanta Group chairman Anil Agarwal said.
Assam holds nearly 27 per cent of the country’s crude reserves. Cairn Oil & Gas, part of Vedanta Group, has been producing from the Hazarigaon field in Assam, the first DSF (Discovered Small Field) block to go under production in the Northeast.
Arunachal Pradesh is home to the country’s highest graphite reserves, substantial vanadium and rare earth deposits, and nearly 40 per cent of the country’s hydro power potential. Recently, Vedanta secured vanadium and graphite mineral blocks in Arunachal Pradesh through critical mineral auctions.
Nagaland, Tripura, and Meghalaya also have immense natural resources that can be responsibly harnessed for the growth of the region and the country.
Vedanta and its sister entities have also invested in the commissioning of 300 circuit kilometer transmission system network which allows transfer of 1,000 MW power from Assam to Meghalaya. This project significantly improves power reliability and accessibility in Meghalaya and Assam, supporting the region’s industrial, commercial, socio-economic growth and overall quality of life. (PTI)
