In its bid to propel employment opportunities and boost industrialization in the State, the Government on Thursday accorded approval to five mega investment proposals worth Rs. 92,713 crore.These projects, a record investment approved under IPR-2015, that will create potential employment for 31,979 persons was approved at the 24th high level clearance authority (HLCA) meeting chaired by Chief Minister Naveen Patnaik via video conference here.
It has further strengthened the predominance of the state in the metal and metal downstream sectors by attracting mega investments.
The five projects for which in-principle approval was accorded included an expansion project of Jindal Steel and Power Limited’s integrated steel plant in Angul from 6 MTPA to 18.6 MTPA, 36 MTPA slurry pipeline and 12.5 MTPA cement plant against an investment of Rs. 76,018 crore with potential employment opportunities for over 24,350 persons in two phases.
Another project that was approved is the expansion project of Jindal Stainless Limited’s Stainless Steel capacity From 1.1 MTPA to 3.2 MTPA and Cold Rolling Mill capacity from 0.8 MTPA to 2.4 MTPA against an investment of Rs. 6,840 crores in Kalinganagar, Jajpur, with potential employment opportunities for over 2236 persons.
The project proposal of Essar Minmet Limited’s 14 MTPA Beneficiation and 14 MTPA Pellet Plant and 14 MTPA Slurry pipeline against an investment of Rs. 6650 crores to be set up in Keonjhar and Paradip, with potential employment opportunities for over. 1468 persons, was also cleared at the HLCA.
The HLCA also cleared the expansion project of ArcelorMittal Nippon Steel India Limited’s Beneficiation Plant in Keonjhar from 10.76 MTPA to 16.76 MTPA and Pellet Plant at Paradip from 6 MTPA to 12 MTPA against an investment of Rs. 2000 crores, with potential employment opportunities for over 655 persons.
The expansion project of Shyam Metalics and Energy Limited’s steel plant in Pandloi, Sambalpur from 0.77 MTPA to 2.373 MTPA and rolling mill against an investment of Rs. 1205 crores, with potential employment opportunities for over 3270 persons also received the nod.
These investment proposals encompass the entire value chain in the metal sector starting from beneficiation to manufacturing of pellets, iron, steel, stainless steel, rolled products as well as cement utilizing waste products like slag and fly ash from other industries.
The projects are spread over western, central and coastal Odisha providing employment opportunities across various skill levels.
This is the single largest investment approval by the HLCA during the period of the current Industrial Policy Resolution (IPR-2015).
While chairing the HLCA meeting, the Chief Minister reiterated the importance of accelerating the growth of industries in the State and directed all Departments to work in a coordinated manner to achieve the goals of rapid industrial growth leading to employment generation in the State.
Notably, despite COVID-19 pandemic situation and the economic slowdown across the globe, Odisha strengthens its Industrial development and investment activities.
The state has attracted over Rs. 1,18,750 crores worth of new investments with potential employment opportunities for over 53,258 persons since February 2020.
