Vedanta shares trade in the green amid 1% slide in benchmarks; updates you need to know

The benchmark indices, SENSEX and NIFTY50, on the other hand, were trading over 1% lower amid weak global cues.

The company said that 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 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,” it said.

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.

NCLAT adjourns Vedanta-Adani JAL bid hearing

In another key development, the National Company Law Appellate Tribunal (NCLAT) on Monday, April 13, adjourned its hearing over mining giant Vedanta Group's petitions against the selection of Adani Enterprises' bid for debt-ridden Jaiprakash Associates Ltd (JAL).

The insolvency appellate tribunal adjourned the hearing on account of a change in the composition of the bench, which was hearing the two appeals filed by Vedanta Ltd. The change has been made due to the unavailability of a member of the bench.

NCLAT will decide the date for the next hearing shortly.

Vedanta has filed two petitions, challenging the March 17 order by the Allahabad bench of NCLT, which approved Adani Enterprises Ltd's ₹14,535 crore bid to acquire JAL through the insolvency process.

On March 24, NCLAT declined any interim stay on the order passed by the NCLT approving the Adani Group's bid for acquiring JAL.

However, it said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group.

This interim order by NCLAT was challenged before the Supreme Court, which also declined to grant a stay. However, the apex court had directed that if the monitoring committee planned to take any major policy decision, it should first obtain the tribunal's sanction.