SEPTEMBER 20249TATA POWER BAGS CONTRACTS WORTH 11,000 CRORES TO LOCAL SUPPLIERSVEDANTA'S GLASS BUSINESS TO GROW 10X POST ACQUISTION OF AVANSTRATE INC.Tata Power-led Odisha Discoms have awarded contracts worth Rs 11,481 crore to local contractors and suppliers, an official said. The joint ventures between Tata Power and the Odisha government, placed orders worth Rs 8,690 crore with local MSMEs and Rs 2,791 crore to non-MSMEs by the Discoms over the past Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc. (ASI), a Japanese display glass manufacturer, to 98 percent, following the acquisition of 46.57 percent equity from Hoya Corporation. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt.three years since taking over the state's power distribution operations.These contracts, spread across two major categories like materials and services, have been awarded to local contractors and suppliers.Odisha discoms - TP Central, TP Southern, TP Northern, and TP Western Odisha Distribution Limited have forged agreements with 6,645 local vendors and suppliers, the official said.Similarly, in the materials supply category, including distribution transformers, cables, poles and others, the discoms have assigned 2,298 contracts valued at Rs 3,921 crore for its operations.Contracts in the materials domain encompass essential components like distribution transformers, cables, poles, LT and HT hardware, laptops, and desktops.In the service domain, contracts cover a wide range of activities, including meter installation, billing, collection, call centre operations, meter reading, and administrative roles such as housekeeping and catering."This initiative not only aligns with Make in Odisha vision but also plays a pivotal role in driving Odisha's economic progress. It has transformed the business landscape, significantly contributing to the economic prosperity of local communities," the company said. ASI is well-positioned to strengthen its role in the global electronics and display industry by enhancing its R&D capabilities, developing advanced technologies and expanding its production capacity to meet increasing global demand.This strategic move aligns with Vedanta's vision to expand its high-technology umbrella, incorporating AvanStrate alongside its optical fibre business under Sterlite Technologies Ltd. (STL), and reinforcing the company's leadership in the global technology landscape.AvanStrate includes cutting-edge technology and the talented workforce in advanced manufacturing countries like Taiwan, Japan and Korea, with next-generation display technologies that span applications across high-growth sectors such as semiconductors, energy, consumer electronics, automotive, and healthcare.Commenting on the way forward, Charlie Lee, CEO, Avanstrate Inc. said, "We are placed in a very good market scenario with immense technology potential. The global market for display glass applications is estimated to be US $ 42 Bn and is projected to reach ~US$ 60 Bn by 2030. AvanStrate, with its advanced manufacturing capabilities and strategic partnerships, is well-positioned to meet these demands and contribute significantly to the global supply chain.
< Page 8 | Page 10 >