Stating that the target is to raise aluminium production jointly by the company's smelters at Jharsuguda in Odisha and Korba in Chhattisgarh to 1.5 mtpa, Pati said Jharsuguda would produce around 1 mt, while the rest would be contributed by Korba.
The mining conglomerate on Thursday said that the collapse in aluminium prices and lack of bauxite availability from Odisha had forced it to opt for a gradual closure of its Lanjigarh facility in the state.
Aluminium prices globally have collapsed in the past few months and the current indications are that this trend will continue, a company filing said.
Abhijit Pati, CEO-Aluminum, Vedanta says aluminium‘s London Metal Exchange (LME) price has slid down to sub1600 level, one of the lowest level of 6 yrs.
Vedanta, controlled by billionaire Anil Agarwal, is running its main plant at a third of capacity even as global output in the first half of the year rose at its fastest pace since 2010.
Odisha's Minister for Food Supplies and Consumer Welfare, Sanjay Kumar Das Burma, present on the occasion as chief guest, said it was a noble initiative by a corporate which will help students aspiring for higher studies.
Mining and minerals giant Vedanta said it is operating its Jharsugda aluminium facility at a mere 25 percent of installed capacity while putting the blame on state government for absence of power linkage policy and raw material crunch.