Home ECONOMY Odisha clears new investment proposals worth Rs 328 cr

Odisha clears new investment proposals worth Rs 328 cr

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Bhubaneswar: The Odisha government today approved five investment proposals worth Rs 328 crore, which will help create employment opportunity for 1674 people.

The State government gave its nod to proposals across sectors including food processing, hospitality and downstream aluminium industry at the 76th meeting of State Level Single Window Clearance Authority (SLSWCA) chaired by Chief Secretary A P Padhi here today.

The SLSWCA accorded approval to set up a manufacturing unit with a capacity to produce 35,000 tonnes per annum aluminium alloy conductors as well as alloy wires and rods at Angul Aluminium park.

With an investment of Rs 75 crore the project will help create direct and indirect employment for 425 people.

Another downstream project for setting up a manufacturing plant to produce 33,500 tonnes per annum aluminium and alloy downstream products at Angul Aluminium Park also received SLSWCA’s nod.

The project entails an investment of Rs 56.87 crore and would provide employment to 250 people.

In a bid to support downstream players setting up units in Angul Aluminium Park, the State government is giving a discount of Rs 10 lakh per acre towards land cost, while NALCO is offering a price discount of Rs 4000 per tonne on aluminium ingots and Rs 5000 per tonne on molten metal.

Such initiatives are making the business ecosystem in Angul Aluminium Park more lucrative for the investors.

A proposal to set up a poultry processing plant at Khordha industrial area and a poultry pellet feed plant at Sea Food Park, Deras was also approved by the SLSWCA.

Another pellet feed plant proposed to be set up at Bhadrak by the same firm was also given clearance with a cumulative investment of Rs 50.27 crore.

The three units, together, would provide employment to 486 people.

The SLSWCA also cleared a proposal to set up 30,000 tonne per annum vegetable oil manufacturing unit at Khordha industrial area. The project entails an investment of Rs 91.45 crore and will generate employment for 384 people.

A proposal related to setting up of a four-star hotel at Cuttack with an investment of Rs 54.50 crore was also approved at the SLSWCA meeting. The project will create employment opportunity for 129 people.

Moreover, while Odisha has been one of the pioneers in single window clearance procedures and recognised as a “leader” for facilitating reforms on doing business, the State government has now set another benchmark with its recently launched single window portal called ‘GO SWIFT’ which provides more than 35 necessary approvals from various government departments within 30 days.

The portal also assists the investors throughout the lifecycle of their projects.