Home ECONOMY Odisha okays proposals with investment commitment of Rs 7,416 Cr

Odisha okays proposals with investment commitment of Rs 7,416 Cr

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Bhubaneswar: The Odisha government today approved seven investment proposals worth Rs 7,416 crore which will help create employment opportunities for 4,454 people. The proposals approved in the meeting belong to a variety of industries – steel, downstream industries in metals and minerals and plastics.

The government’s nod to the projects came during the 80th meeting of the State Level Single Window Clearance Authority (SLSWCA) held under the chairmanship of Chief Secretary Aditya Prasad Padhi.

The SLSWCA accorded approval to a Hyderabad-based company to set up a manufacturing unit for pre-engineered building (PEB) including structural steel members at an investment of Rs 58 crore at Cuttack. The plant’s production capacity will be 50,000 MT per annum and the project will create direct and indirect employment for 550 people. This will add value to the primary metal being produced in the state.

A Kolkata-based company’s proposal to establish a manufacturing unit for Polypropelene (PP) woven bags at Paradip Plastic Park also received the SLSWCA’s nod. The unit will invest Rs 72 crore and create direct and indirect employment opportunities for 625 people. This is indicative of rising investor interest in Paradip Plastic Park after groundbreaking was done for two units last month.

The third proposal approved in the meeting was that of a Kolkata-based company which aims to set up a plant of 8,000 TPA capacity of ductile iron fittings at Kalinganagar Industrial Complex, Jajpur with a total investment of Rs 51 crore. The plant will create employment opportunities for 615 people.

A Ghaziabad-based company’s proposal to establish 0.3 Million Tonne Per Annum (MTPA) rolled and processed steel plant, 0.12 MTPA and an LPG cylinder manufacturing unit with capacity of 2,500 cylinders per annum was approved in the meeting. The cumulative investment committed by the company was Rs 238 crore and this would create direct and indirect employment for 270 people.

The proposal of NALCO to set up an aluminium downstream unit to manufacture aluminium alloy wheel, aluminium foil, aluminium rolled products and aluminium extrusions near Kamakhyanagar, Dhenkanal with an investment of Rs 5,522 crore was recommended to High Level Clearance Authority headed by Hon’ble CM for final approval. This will create employment opportunities for 1,761 people.

The sixth proposal approved in the meeting belonged to a Kolkata-based group which proposed to set up a 4 MTPA iron ore pelletisation plant at Dhenkanal with an investment of Rs 625 crore. This large project shall create employment opportunities for 167 people. The same group’s other proposal to set up a 4 MTPA iron ore beneficiation plant at Sundargarh and laying of 200 KM iron ore slurry pipeline in Dhenkanal at an investment of Rs 850 crore also received approval. This project will create direct and indirect employment for 466 people.

With the objective of attracting 2.5 lakh crore of fresh investments and generating 30 lakh job opportunities as part of Chief Minister Naveen Patnaik’s Vision – 2025, the Government of Odisha is diversifying and broadening the state’s industrial development across the focus sectors. Odisha’s investor-friendly policies and the development of world-class infrastructure have received very positive feedback from investors across the country as the State has been able to create an ideal business ecosystem for various sectors to flourish in the state. In the last 09 months, we have successfully inaugurated/conducted groundbreaking ceremony for 50 projects worth investment more than Rs 17,000 crore. This has the potential to provide employment opportunities for around 21,000 people in the State.

The second edition of the biennial Make in Odisha Conclave 2018 has been scheduled to be held in Bhubaneswar from November 11-15.

ASSOCHAM has ranked Odisha as the No. 1 state in terms of investment implementation rate and the state is consistently ranked amongst the top 3 States in terms of live manufacturing investments in India.  Odisha has registered a GSDP growth rate of 7.94 percent in 2016-17, surpassing the national growth rate of 7.1 percent.