Home ECONOMY Odisha approves five investment proposals of Rs 1,508 cr

Odisha approves five investment proposals of Rs 1,508 cr

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Bhubaneswar: The Odisha government on Wednesday approved five investment proposals worth Rs 1,508 crore which will create employment opportunities for 2,155 people.

The proposals were approved at the 78th meeting of the State Level Single Window Clearance Authority (SLSWCA), chaired by Chief Secretary Aditya Prasad Padhi.

The SLSWCA accorded approval to IOCL to set up a polyester products manufacturing unit of 324 KTPA capacity at the textiles park in Bhadrak district.

IOCL will set up the unit in joint venture with Haldia-based MCPI Private Limited with a total investment of Rs 975.10 crore, said an official statement.

The project, which will create direct and indirect employment for 185 people, will act as an anchor and help in supplying feedstock or raw material to the downstream technical textile industries which will come up in the textiles park.

It will provide employment to more than 100,000 persons in the long run, the statement said.

The SLSWCA also approved the proposal of one of the leading manufacturers of aluminium extrusions to set up a greenfield manufacturing unit at the Angul Aluminium Park with a capacity of 40,000 metric tonnes (MT) per annum.

The investment outlay was Rs 200 crore with employment potential for 500 persons.

The Aluminium Park at Angul is being developed as an exclusive state-of-the-art industrial park for ancillary and downstream industries for alumina and aluminium.

The park is the first-of-its-kind in the Indian sub-continent with facility for directly obtaining molten aluminium from the smelter.

A Gujarat-based edible oil manufacturing company’s proposal to set up a 750,000 tonnes per annum vegetable oil manufacturing unit at Paradip at an investment of Rs 200 crore was also approved at the meeting.

The unit will create employment opportunities for 920 people, directly and indirectly, the statement said.

The SLSWCA also approved the proposal of an Andhra Pradesh-based company which will invest Rs 71 crore to manufacture instant pasta and vermicelli and sweet potato flour.

Odisha is one of the largest producers of sweet potato, recording 16.38 lakh ton in 2016-17. Sweet potato flour finds its use in Food Processing Industries.

The proposed unit will be first of its kind in the state, it added.

The fifth investment proposal approved by the SLSWCA was that of a Kolkata-based company which will invest Rs 62.1 crore to establish an integrated cold chain service unit at the seafood park at Deras in Khordha district.

The project will have employment potential for 250 people. (IANS)

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