9SEPTEMBER 2024TATA POWER BAGS CONTRACTS WORTH 11,000 CRORES TO LOCAL SUPPLIERSVEDANTA'S GLASS BUSINESS TO GROW 10X POST ACQUISTION OF AVANSTRATE INC.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 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 fully managed and controlled by Vedanta Limited and free from any external debt.ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing. 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.Akarsh Hebbar, Global Managing Director of AvanStrate Inc., said, "We are confident in the immense potential that lies ahead for AvanStrate. With Vedanta's proven expertise in large-scale operations and deep understanding of the dynamic market, we are well-equipped to enhance AvanStrate's operational efficiency and innovation capability. Currently, only three more companies worldwide possess the expertise to manufacture advanced LCD technologies at the level we do. Taiwan is the hub for advanced technology and we have our plant in Tainan. We are here to grow and develop new partnerships for high-tech products. With the experienced team we have at AvanStrate, we are sure of realizing our vision."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. 2,791 crore to non-MSMEs by the Discoms over the past 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.The company in a statement said that these collaborative partnerships serve as the backbone for day-to-day operations and services, with a special emphasis on encouraging local vendors to employ residents from the nearby regions.Within the service sector, covering meter reading, billing, network maintenance and others, the discoms have awarded contracts to 4,347 vendors with a total value of Rs 7,560 crore.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.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.
< Page 8 | Page 10 >