Odisha clears five investment proposals worth Rs 92,700 crore
BHUBANESWAR: In a massive investment boost amid Covid-19 pandemic, the state government on Thursday cleared five mega investment proposals worth Rs 92,713 crore, which would generate around 40,000 employment opportunities.
The high-level clearance authority (HLCA) led by chief minister Naveen Patnaik approved the five projects over videoconferencing while majority of them are expansion proposals and in metal and metal downstream sectors.
The highest-valued project that got the state government’s nod is the expansion proposal of Jindal Steel and Power Limited’s (JSPL) integrated steel plant in Angul from 6 million ton per annum (mtpa) to 18.6 mtpa. JSPL’s proposal to set up a 36 mtpa slurry pipeline and 12.5 mtpa cement plant also received nod from the state government. JSPL would invest around Rs 76,018 crore for these three projects.
The Naveen Jindal-led company has already invested around Rs 45,000 crore in its Angul plant and in its pellet plant at Barbil. During the second edition of the Make in Odisha, the JSPL chairman had announced his company’s plan to enhance the capacity of Angul plant to 20 mtpa.
“The Angul plant is running with full capacity by generating around 10,000 employment opportunities. The slurry pipeline will be set up from Barbil pellet plant to Angul plant,” said a JSPL official.
Among other proposals cleared by the HLCA include expansion of Jindal Stainless Limited’s stainless steel capacity from 1.1 mtpa to 3.2 mtpa and cold rolling mill capacity from 0.8 mtpa to 2.4 mtpa at Kalinganagar. The company has proposed to invest Rs 6,840 crore.
The ArcelorMittal Nippon Steel India Limited that had taken over the pellet and benefication plant from Essar Steel in December, last year following bankruptcy proceedings has also decided to invest Rs 2,000 crore to expand the capacity of the beneficiation plant in Keonjhar from 10.76 mtpa to 16.76 mtpa and pellet plant at Paradip from 6 mtpa to 12 mtpa.
ArcelorMittal chairman Lakshmi N Mittal, during a videoconferencing with the chief minister, had revealed the company’s investment plan in Odisha.
The HLCA also gave go ahead to Essar Minmet Limited’s proposal for 14 mtpa beneficiation and 14 mtpa pellet plant and 14 mtpa slurry pipeline in Keonjhar and Paradip by investing Rs 6650 crore. Similarly, another proposal of Shyam Metalics and Energy Limited’s steel plant expansion at Pandloi, Sambalpur from 0.77 mtpa to 2.373 mtpa and rolling mill also got HLCA nod. The company would invest Rs 1205 crore.
The investment proposals received amid pandemic came a month after Odisha had plummeted to the bottom of the ease of doing business rankings released by the Centre.
“The industrial economy of Odisha has quickly revived. The state has approved investments worth Rs 1.17 lakh crore since February with potential employment for 53 thousand persons,” said Naveen during the meeting.
The chief minister emphasized on the importance of accelerating the growth of industries in the state and directed all agencies of the state government to work in a coordinated manner to achieve the goals of rapid industrial growth leading to employment generation in the state. He directed chief secretary Asit Tripathy to review the progress of these projects and keep him apprised of the progress on regular basis.