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Vedanta pitches Orissa for its $1 billion University

Wednesday 19 April 2006

Bhubaneswar, April 18 : Vedanta Resources Plc, the London Stock Exchange listed company has submitted a proposal to the Orissa government on Tuesday to set up a world class university in the state with an investment of $1 billion.

Vedanta group’s executive chairman, Anil Agarwal gave a presentation to the Orissa chief minister, Naveen Patnaik, at the state secretariat about the blue print of the university.

Vedanta has given similar presentations on the proposed university to the prime minister and heads of five states. “But, we are keen to have it in Orissa as we are having lot of business activities in the state”, said the founder of the Vedanta company. “That is the reason why I personally came here to give the presentation to the state government,” he added.

Vedanta University will be set up over an area of 5000 acres.

The Company is preferring a site near a water body and well connected by air, road and rail. Vedanta will select a site after conducting an ariel survey.

Vedanta University would be a world class institution which will have all the caliber of the leading institutions like the Harvard, Stanford, Oxford university,” Agarwal told media persons after the presentation.

The proposed university, which will have facilities to take in 1 lakh students, will start with 25000 students. It will have full autonomous status and will be set up with non-profit philosophy .

On Vedanta’s 1.4 million tonne alumina project at Langigarh in Orissa’s Kalahandi district, the chairman said that the project is coming up as expected.

Defending the allegation of violation of forest and environment laws by

the Company, Agarwal

said “Since ours is a public listed company, we can not violate the ?laws and norms’ of the land”.

“We absolutely follow the forest and environment laws,” he asserted.

Vedanta Resources has signed an agreement with the Orissa government to set up a 1.4 million tonne alumina refinery with an investment of $800 million.

The project, which will be commissioned in March 2007, will have an initial

capacity of 1 million tonne per annum.

Around half of the alumina will be sent to the expanding aluminium facilities at Korba, part of Balco. The remaining alumina will be available for sale to third parties or to feed future aluminium expansion.

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