Vedanta Resources, the London-listed metals company, is close to approving a $2bn (£1.1bn) investment in an aluminium complex in the Indian state of Orissa, more than doubling the size of its aluminium business.

The smelter in Jharsuguda will produce 400,000 tonnes a year and could be ready in three years. It would make Vedanta India's biggest aluminium producer and rank it well within the top 10 global producers.