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Odisha attracts Rs 2.96 lakh crore industrial investments amid pandemic surge

It is pertinent to note here that the State has been consistently adding steel manufacturing capacity, which has gone up from 2 MT in the year 2000 to 20 MT in the year 2020.

Statesman News Service | Bhubaneswar |

Despite slump in economy in the wake of pandemic health crisis, Odisha managed to attract investments worth Rs 2.96 lakh crore in the industrial sector in the 2020-21 fiscal year, thus emerging as one the leading investment destinations in the country, top officials said on Tuesday.

A high-level clearance authority (HLCA) on Tuesday accorded in-principle approval to 5 major industrial projects with an estimated investment to the tune of Rs 1,46,172 crores in the sector of Metal and Metal downstream as part of Chief Minister Naveen Patnaik’s Vision 2030 initiative of making Odisha, the “Steel Hub of India”, they said.

These five industrial projects, which have received in-principal clearance, are further expected to generate 26,959 employment opportunities in the state.

The projects accorded clearance include Bhushan Power and Steel Limited’s integrated steel plant from 5 million metric tonnes per annum (MMTPA) to 15 MMTPA with an investment of Rs 55,000 crore., The mega project is likely to generate potential employment opportunities for over 10,000 persons.

Besides, the expansion of Tata Steel Limited’s Crude steel production from 3 MTPA to 8 MTPA, Hot rolled coil from 3 MTPA to 7 MTPA, 2.2 MTPA cold-rolled products and 2 MTPA long products against an investment of Rs 47,599 crore will come up in Kalinga Nagar of Jajpur district with a targeted 4,625 employment generation.

The Jindal Steel and Power Limited’s 6 MTPA existing integrated steel plant from the proposed capacity of 18.6 MTPA to 25.2 MTPA against an investment of Rs 24,652 crore will be set up in Angul with potential employment opportunities for over 1,000 persons. This investment will take JSPL’s total investment to be Rs. 1,00,670 crore, making it the largest single location steel plant capacity in the world.

There will be expansion of Rungta Mines Limited’s Integrated Steel Plant from the proposed capacity of 2.85 MMTPA capacity to 7.55 MMTPA by adding capacity of 4.7 MMTPA against an investment of Rs 11,001 crore, which will be set up in Jharbandh in Dhenkanal district with likely generation of potential employment opportunities for over 6,200 persons.

Furthermore, expansion of Rungta Mines Limited’s Steel Plant capacity from 0.53 MMTPA to 3 MMTPA in Karakhendra in Keonjhar district will get underway with investment of Rs 7,920 crore. The project will provide employment to over 5,000 local people.

It is pertinent to note here that the State has been consistently adding steel manufacturing capacity, which has gone up from 2 MT in the year 2000 to 20 MT in the year 2020.

Several steel and downstream industries are already in various stages of implementation. The approvals granted today will further reinforce Odisha’s position as the top most investment destination in the country.