Odisha Approves Investment Proposals Worth Rs 44,793 Crore

The Odisha government has approved investment proposals totaling Rs 44,793 crore, which may lead to creation of over 23,000 jobs as well as boost the state's economy, an official statement said.

The investments will span five sectors that include refinery and petrochemicals, green energy equipment, biotechnology, steel, and chemicals.

The development follows the approval from the state government at its high-level clearance authority meeting, which was chaired by Chief Minister Mohan Charan Majhi on Monday.

"These investments are set to generate employment opportunities for over 23,005 individuals, reinforcing Odisha's industrial and economic foundation," an official statement stated.

The approval of these projects come at a time when the government's investor meet, Utkarsh Odisha 2025, is around the corner. According to the chief minister it is a "clear sign of the state's growing industrial strength".

"These investments will create thousands of jobs and directly benefit the people of Odisha. Our focus is to ensure that Odisha remains a top investment destination, driving progress and prosperity for our people," Majhi added.

The press release attributed the influx of investment to successful promotional events that it had conducted in cities like Delhi, Mumbai, as well as Singapore.

The largest investment will come from Tata Steel Ltd. The steel major will expand its operations with a Rs 26,175-crore investment in a 2.2 MTPA cold rolled and coated steel products facility and a 2 MTPA plate mill in Jajpur. The Tata group company's initiatives will create 8,000 jobs, the official said.

The approved projects include an Rs 8,743-crore investment by Indian Strategic Petroleum Reserves Ltd. to set up a 4 MMT crude oil storage facility in Jajpur. This project is expected to generate 5,130 jobs, an official said.

Solar equipment maker Inox Solar Ltd. will invest Rs 4,000 crore in Dhenkanal to establish a solar module and photovoltaic cell manufacturing unit, which will create 3,400 jobs, he said.

Himadri Green Technologies Innovation Ltd. will invest Rs 1,825 crore in Cuttack to establish a facility for mineral oil and tyre recycling products, which would employ 3,000 people.

The proposal by Acme Cleantech Solutions Pvt. to invest Rs 4,050 crore in Cuttack was also approved. It plans to set up a manufacturing plant focused on mushroom root fermentative protein. This would provide employment opportunities to 3,475 people.

The approved projects are spread across Jajpur, Dhenkanal and Cuttack, and will strengthen Odisha's industrial base.

According to Chief Minister Majhi, with the projects, Odisha is entering a new phase of industrial growth and establishing itself as a major player in India’s economic development.

(With PTI inputs)