New Delhi, May 23 (PTI) Vedanta Group said on Friday that it would invest Rs 30,000 crore in areas of oil and gas, important minerals, refining facilities, electricity, optical fiber, system integration, renewable energy, transmission areas and data centers in the northeast.
Earlier this year, Vedanta invested Rs 50,000 crore in Assam.
On Friday, the group announced an investment of Rs 30,000 crore in Arunachal Pradesh, Nagaland, Tripura, Meghalaya and Mizoram at the Rising North East Investors Summit here.
Show full article
Vedanta said in a statement that investments will be done in the fields of oil and gas, important minerals, refinery facilities, electricity, optical fibers, system integration, renewable energy, transmission sector and data centers.
Vedanta is one of the largest exploration and development programs to unlock hydrocarbons in the Northeast.
The investment will potentially generate up to 1 lakh jobs and enable the socio-economic development of the region.
Vedanta is also committed to promoting its social influence initiatives such as Nand Ghars (modern Anganwadis who serve as overall centers for women and child growth), handloom skills centers, digital classes for women and children, and are also committed to promoting sports to ensure a bright, more inclusive future for the youth of the region.
“Today, the northeastern states are growing in double digits. Opportunities are growing even faster. Under the leadership of the Prime Minister, the region has become an important engine of development for deformed India. Vedanta is fully committed to investment in the region, which has the most amazing natural resource potential for important minerals and an extraordinary pool from oil and gas, which is a talented human resource.”
Assam has about 27 percent of the country’s raw reserves. Cairn Oil & Gas, Part of Vedanta Group, producing from Hajrigaon region in Assam, first DSF (small area discovered) block to go under production in Northeast).
Arunachal Pradesh is home to the country’s highest graphite reserves, adequate vanadium and rare earth deposits, and about 40 percent of the country’s hydroelectric power capacity. Recently, Vedanta acquired vanadium and graphite mineral blocks in Arunachal Pradesh through important mineral auctions.
Nagaland, Tripura and Meghalaya also have many natural resources, which can be exploited responsibly for the development of the region and the country.
Vedanta and its sister institutions have also invested in the commission of 300 circuit kilometers transmission system network that allows the transfer of 1,000 MW power from Assam to Meghalaya. The project greatly improves the credibility and access of electricity in Meghalaya and Assam, supporting the industrial, commercial, socio-economic development and the overall quality of life. PT SID Anu
This report is auto-generated with PTI News Service. ThePrint does not have any responsibility for its content.