Odisha Government Approves Five Projects Worth Rs 2.04 Trillion
Odisha’s top investment approval body – the High Level-Clearance Authority (HLCA), has given its nod to five new projects in the state, with a combined value of Rs 2.04 trillion.
Backing the state government’s desire to invite industries outside of mining and metals, four of the five proposed investments have been confirmed as being in non-mineral-based sectors. With these projects, Odisha is set to diversify and foray into newer pastures that are not mineral-based.
“The chief minister in his Vision 2025 statement had aimed to attract Rs 2.5 trillion investments in non-mineral investments. And true to this vision, the HLCA has given its nod to investments worth Rs 2.04 trillion in the focus sectors. The new investments will generate direct employment for 30,000 people while creating indirect job opportunities for 100,000 others”, said Dibya Shankar Mishra, minister for industries and energy.
The HLCA has given a go-ahead for Haldia Petrochemicals Ltd (HPL) project to install a hydrocarbon processing complex comprising light crude oil refinery, an aromatics complex and ethylene cracker complex at a combined investment of Rs 78,000 crore. This project will be based near the port project at Subarnarekha and is set to create employment opportunities for 10,000 people.
Additionally, two separate proposals by oil major Indian Oil Corporation (IOC) has been approved. IOC has committed for a substantial investment of Rs 1 trillion to enhance the capacity of its crude oil refinery at Paradip. The other investment from IOC includes the establishment of PX-PTA (purified terephthalic acid) which will see an investment worth Rs 9,136 crore.
Meanwhile, the HLCA has also approved a plan by Talcher Fertilizer Ltd intending to set up a coal-based urea fertilizer complex at Talcher. This project will include an investment of Rs 14732 crore and will generate employment for around 550 people.
Among the five approved projects, Jindal (India) Ltd’s proposal in the metal downstream sector is the only one that is mineral-based. The steel giant seeks to establish a cold rolling complex of 0.5 mtpa and steel processing plant at Kalinga Nagar Industrial Complex at a cost of Rs 1676 crore.