Odisha Govt approves Rs 1 lakh crore investment in nine key projects

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Odisha Govt approves Rs 1 lakh crore investment in nine key projects

Odisha Govt approves Rs 1 lakh crore investment in nine key projects

Industry News
Sep 14,23

Chief Minister Naveen Patnaik granted approval to the projects which promise to create employment opportunities for a substantial workforce of 28,565 individuals across diverse sectors.

Odisha Govt approves Rs 1 lakh crore investment in nine key projects

In a concerted effort to bolster its status as a prominent industrial centre in Eastern India, the state government, under the leadership of Chief Minister Naveen Patnaik, granted approval for nine significant projects. These projects boast a combined investment proposal exceeding Rs 1 lakh crore and promise to create employment opportunities for a substantial workforce of 28,565 individuals across diverse sectors.

The projects, amounting to a total value of Rs 1,01,804 crore, received the green light during a meeting convened by the high-level clearance authority (HLCA). These industrial initiatives will be strategically situated across multiple districts, including Jagatsinghpur, Jajpur, Jharsuguda, Khurda, Bhadrak, Ganjam, and Koraput.

Among the approved ventures, JSW Utkal Steel Limited secured permission to augment the capacity of its integrated steel plant in Jatadhar, Jagatsinghpur district, from 12 million tonnes per annum (MTPA) to an impressive 24 MTPA. This expansion project involves an investment proposal of Rs 75,000 crore and holds the promise of generating employment for 12,000 individuals.

Jindal Ferrous Limited also received the go-ahead to establish a carbon steel plant with a capacity of 2.35 MTPA in Kalinga Nagar, Jajpur district. This venture will entail an investment of Rs 3,449 crore and is anticipated to provide job opportunities for 1,396 people.

MSP Metallics Limited's proposal to enhance its industrial presence by establishing a 1.39 million tonne steel plant, a 251 MW captive power plant, and a railway siding in Marakuta, Jharsuguda district, received unanimous approval from the HLCA. This ambitious project, valued at Rs 1,500 crore, is projected to create job prospects for 4,000 individuals.

Further strengthening the industrial landscape, Avaada Electro Private Limited's initiative to set up a manufacturing facility for ingots, wafers, solar cells, and modules in Haldiapada, Khurda district, was given the green light. With a substantial investment of Rs 11,300 crore, this project is set to open doors to employment for 4,000 individuals.

Meanwhile, L&T Energy Green Tech Limited garnered approval for its green ammonia plant with an annual capacity of 3,20,000 tonnes in Paradip, representing an investment of Rs 1,030 crore and an employment potential for 1,310 people.

Adding to the diverse portfolio of projects, Berger Paints India Limited's manufacturing unit for intermediates, paints, and allied products, boasting a capacity of 4.1 lakh KL/MT, was granted permission in Khurda. This endeavor, supported by an investment of Rs 1,458.25 crore, is expected to generate employment opportunities for 350 individuals.

The textile and apparel sector also stands to experience significant growth with the approval of the Indian Oil Corporation Limited's project to establish a polyester products manufacturing unit in the textile park at Bhandaripokhari, Bhadrak district. This project, with an investment of Rs 4,377.46 crore, promises to create job opportunities for 4,300 individuals.

Finally, the endorsement of Petronet LNG Limited's LNG terminal with a capacity of 40 lakh tonnes in Gopalpur, Ganjam, underscores the state's commitment to fostering industrial growth.

Source: newindianexpress.com