Odisha Gets 145 Proposals Worth Rs 7.26 Lakh Crore In Conclave

In the third edition of the Make in Odisha Conclave, delegates from 11 countries representing major businesses participated.

Odisha Gets 145 Proposals Worth Rs 7.26 Lakh Crore In Conclave
Naveeen Patnaik greeting delegates. Source: Make In Odisha Conclave’22

THE ODISHA government said it has so far received 145 investment proposals worth over Rs 7.26 lakh crore in the current edition of the 'Make In Odisha' Conclave 2022. The flagship investor summit of the Government of Odisha began on November 30 and will continue until December 4.

The Naveen Patnaik-led government also signed 21 Memoranda of Understanding (MoUs) with various companies yesterday. 

Odisha Industry secretary Hemant Sharma stated that the intents of investment – worth Rs 7,26,128.45 crore – have the potential to employ 3.2 lakh people. During the programme, the state government unveiled the 'Renewable Energy Policy 2022'.

While addressing the conclave, JSW Group Chairman Sajjan Jindal said the company had already committed Rs 60,000 crore during the previous event – which took place in 2018 – and of which, over Rs 30,000 crore has been invested and the remaining amount will be pumped in soon.

"Today, we make a commitment to invest another Rs 1 lakh crore in the state in various sectors," the JSW chief said on Thursday, adding that the investment will be made in building a mega greenfield steel plant in Paradip, a silicon facility which will be used for making solar panels, and in renewable energy and many other areas.

Adani Ports and SEZ Ltd Chief Executive Officer Karan Adani said the company has already invested Rs 7,600 crore in Odisha and the planned capital investment will exceed Rs 60,000 crore over the next ten years.

“Our investments in the state continue to accelerate and in the last five years, the Adani Group has already put in Rs 7,600 crore as we have gone about developing LNG terminals, the Dhamra port and our mining activities,” he said.

Adani announced that the LNG terminal with a 5 million tonne capacity in Dhamra will commission in December this year, and the projects entailed an investment of Rs 5,200 crore.

“We have already planned to double this capacity in the next five years,” he said.

Vedanta Ltd Chairman Anil Agarwal said his company is the biggest investor in Odisha by pumping in Rs 80,000 crore and is further set to invest another Rs 25,000 crore in the proposed aluminium park at Jharsuguda.

Addressing the plenary session of the conclave, ArcelorMittal Executive Chairman Lakshmi Niwas Mittal said, "In a JV (joint venture) with Nippon Steel, we are setting up a 24-million tonne plant in Odisha."

Jindal Stainless Managing Director Abhyuday Jindal said the steel park "would benefit MSMEs to a large extent and make the state a role model for investment".

Tata Steel Ltd CEO and MD TV Narendran said the company has already set up a greenfield steel mill at Kalinga Nagar and acquired Bhusan Steel Plant at Meramundali and NINL.

"The company has become the highest steel producer in Odisha. We already have a production capacity of eight million tonnes in the state and in this fiscal, we are planning to double the capacity,” he said.

Essar Capital Director Prashant Ruia outlined the company's investment plans for setting up several projects worth Rs 52,000 crore.

Essar, in partnership with an international player, also proposes to develop a 7.5 MMTPA crude-to-petrochemical complex (CTC) involving an investment of around Rs 40,000 crore, he said.

(With inputs from PTI)
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