Odisha Clears ₹ 2.04-Trillion Investments; Focus on Sectors Other than Mining

The High Level-Clearance Authority (HLCA), the apex body to approve investments in Odisha, has given its go-ahead to five new projects, with a total value of Rs 2.04 trillion.

Four of the five proposed investments were in non-mineral-based sectors, endorsing the state government’s aspiration to diversify and lure investors beyond its historical strengths of mining, metals and power.

“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 cleared the mega project of Haldia Petrochemicals Ltd (HPL) 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 (US$ 11.16 billion). HPL’s planned facilities are supposed to come up near the port project at Subarnarekha and will spawn job opportunities for 10,000 people. The West Bengal-based petrochemicals major has sought a land parcel of 2500 acres.

The state government also cleared two separate proposals by midstream oil major Indian Oil Corporation (IOC). IOC has pledged a massive investment of Rs 1 trillion to ramp up the capacity of its coastal crude oil refinery at Paradip from 15 million tonnes per annum (mtpa) to 25 mtpa. It also intends to put up a petrochemicals complex consisting of a dual feed cracker, naphtha cracker and petcoke gasification plant at Paradip. Besides creating employment for 12,595 people, IOC’s facilities will ensure the availability of building block feedstock to ancillary and downstream units in the chemical and petrochemicals sector.

The second investment from IOC was the establishment of PX-PTA (purified terephthalic acid) with an investment of Rs 9,136 crore (US$ 1.2 billion) in the existing crude oil refinery at Paradip. IOC has already invested Rs 35,000 crore (US$ 4.8 billion) on the refinery project. To fulfill the expansion plan and install all the envisaged units, IOC has asked for around 4000 acres of land.

Separately, the HLCA chaired by the chief minister, approved the plan by Talcher Fertilizer Ltd to set up a coal-based urea fertilizer complex of 1.99 mtpa at Talcher with an investment of Rs 14732 crore (US$ 2.10 billion), creating employment for around 550 people.

The only proposal in metal downstream sector was from Jindal (India) Ltd 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 (US$ 0.23 billion) and providing employment to about 1300 people. The company will use ingredients provided by Tata Steel’s greenfield plant at the location. Its land requirement of 400 acres would be appraised by the state government.

Source: IBEF

Image Courtesy: FE