Government of Odisha approves 5 major industrial projects worth INR 1.46 Lakh Crore

Government of Odisha approves 5 major industrial projects worth INR 1.46 Lakh Crore

Bhubaneswar, 7th Jul 2021: Becoming one of the top investment destinations in the country, Odisha has been able to attract investments worth INR 2.96 Lakh Crore in Financial Year 2020-21 in spite of the COVID pandemic.

In a major success to Hon’ble Chief MInister’s Vision 2030 of making Odisha, the “Steel Hub of India”, the High-Level Clearance Authority today issued in-principle approval to 5 major industrial projects to the tune of INR 1,46,172 crores in the sector of Metal and Metal downstream. These five industrial projects are further expected to create 26,959 employment opportunities in the state.

The details of the five projects for which in-principle approval was accorded by HLCA is listed below:

● Expansion of Bhushan Power and Steel Limited’s integrated steel plant from 5 MMTPA to 15 MMTPA against an investment of INR 55,000 crore to be set up in Rengali, Dist – Sambalpur, which will generate potential employment opportunities for over 10,000 persons.

● 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 INR 47,599 crore to be set up in Kalinga Nagar, Jajpur, which will generate potential employment opportunities for over 4,625 persons.

● Expansion of 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 INR 24,652 crore to be set up in Angul, which will generate 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.

● 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 INR 11,001 crore to be set up in Jharbandh, District – Dhenkanal, which will generate potential employment opportunities for over 6,200 persons.

● Expansion of Rungta Mines Limited’s Steel Plant capacity from 0.53 MMTPA to 3 MMTPA against an investment of INR 7,920 crore to be set up in Karakhendra, Keonjhar, which will generate potential employment opportunities for over 5,134 persons.

With this additional steel making facility of 28 MT, Odisha will gear up to achieve 100 MT Steel making capacity by 2030.

It may be noted that Odisha 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 are to the leading and reputed investors in the metal sector of the country and will further reinforce Odisha’s position as the top most investment destination in the country.

About Odisha

Located on the east coast of India, Odisha has a coastline of 480 km along the Bay of Bengal. The modern State of Odisha was formed on 1 April 1936 but its history dates to the era of Kalinga mentioned in the Mahabharata. Over the years the state has maintained a unique cultural identity distinct from all of its neighboring States. Traditionally, the State has been known for its mineral and mining strength. Since the turn of the millennium, the focus of the State has shifted to manufacturing and services industrial growth. The State Government has also taken several unique initiatives to ensure that a hassle-free and conducive business environment is provided to the investors setting up units in the State.

About IPICOL:

Industrial Promotion and Investment Corporation of Odisha (IPICOL) is the single point of contact for all industrial investments in the State. IPICOL is responsible for devising the investment promotion, facilitation and aftercare strategy for the state of Odisha. IPICOL, as the investment promotion agency of the State of Odisha, undertakes all activities to promote Odisha as the investment destination of choice.

Neel Achary

Neel Achary

Neel Achary is the Editor of Business News This Week, He has 20+ years of experience in digital marketing, business consulting. He holds a master's degree in Economics.

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