Vedanta Aluminium on Friday signed MoUs with two companies for setting up their manufacturing facilities in the upcoming Vedanta Aluminium Park in Odisha's Jharsuguda.

The MoUs were signed by Singhal Steel & Power Pvt Ltd and SCOT-AL Metcon Pvt. Ltd.

The agreements were signed here in the presence of Odisha Industries Minister Sampad Chandra Swain and Additional Chief Secretary, Industries, Hemant Sharma.

A statement issued by the company said that the Vedanta Aluminium Park in Jharsuguda aims to promote value addition and support the growth of MSMEs while cementing Odisha's position as a global aluminium hub. The initiative is expected to attract fresh investments of over ₹500 crore, and create around 1,500 direct and indirect employment opportunities.

Envisaged as a dedicated world-class industrial ecosystem for downstream aluminium industries, the Vedanta Aluminium Park in Jharsuguda aims to promote value addition and support the growth of MSMEs while cementing Odisha's position as a global aluminium hub. The initiative is expected to further enhance the state's industrial competitiveness, attract fresh investments of over ₹500 crore, and create around 1,500 direct and indirect employment opportunities within the state.

"This initiative reinforces Odisha's position as a leading industrial destination. The Vedanta Aluminium Park will accelerate investments, create large-scale employment and strengthen the state's manufacturing capabilities across sectors," the Industries minister said.

The proposed Vedanta Aluminium Park is a critical step in deepening Odisha's industrial value chain. By combining infrastructure readiness with policy support, we are creating a platform that enables industries to scale efficiently and competitively, Sharma said.

Vedanta Aluminium's CEO Rajiv Kumar said the proposed park reflects the company's commitment to moving beyond primary production towards value-added manufacturing. By enabling a strong downstream ecosystem, we aim to unlock new opportunities for industries, MSMEs and local entrepreneurs, he said.

Vedanta Jharsuguda CEO, C Chandru, said that the proposed park will not only strengthen the downstream ecosystem but also create sustainable livelihoods, foster entrepreneurship, and contribute to the development of the region.

The Phase 1 development of the Vedanta Aluminium Park, spanning approximately 56 acres, aimed to bring together industrial capability and investment intent to unlock new opportunities across the aluminium value chain.

(Except for the headline, Fortune India has not edited the content of this PTI report.)