Adani, Tata Steel and Essar Group promise massive investment in this state: 10 points | News Bharat

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Various industry leaders have promised huge investments in this state

The ‘Make in Odisha Conclave 2022’ in Bhubaneswar, an investor summit, is making waves with numerous industry leaders pledging huge investments in the state during the event.

Here’s your 10-point guide to the story:

  1. Adani Group, which is headed by Asia’s richest man Gautam Adani, will invest 60,000 crore rupees ($7.39 billion) over the next ten years in the mineral-rich state of Odisha, a top executive said.

  2. Speaking at an investment summit in the state, Karan Adani, CEO of Adani Ports and Special Economic Zone, said the group will commission a 5 million tonne liquefied natural gas (LNG) terminal at Dhamra Port this month and plans to double that capacity in the next five years.

  3. “Our continued commitment to Odisha is shown in our planned capital investment, which will exceed Rs 60,000 crore over the next ten years. I expect this will create tens of thousands of direct and indirect jobs,” Mr. Adani said.

  4. According to Tata Steel MD and CEO TV Narendran, the company will continue to invest in Odisha, which has 25 percent of all steel capacity in India and has received over Rs 75,000 crore of investment. “The Tata group of companies, and specifically Tata Steel, has invested over Rs 75,000 crore in Odisha in the last five years. We will continue to invest to fuel growth in Odisha,” Mr. Narendran said.

  5. According to him, Tata Steel has made significant investments in Odisha over the past few years, including the Neelachal Ispat facility in addition to building its Kalinganagar unit.

  6. “We plan to double this in the next few years as we expand across all our locations in Odisha. Odisha accounts for 1/4 of the steel capacity in the country today,” added Mr. Narendran, citing that Odisha’s largest steel producer, Tata Steel, produces approximately 9 million tonnes of steel every year.

  7. According to Essar Capital director Prashant Ruia, the business will invest approximately Rs 52,000 crore in Odisha to set up a number of projects, including a 14 MT pellet mill and a 7.5 MT crude oil to petrochemical unit.

  8. “Essar is planning to set up several projects in Odisha. A 14 MTPA pelletizing complex with an investment of Rs 12,000 crore comprising iron ore fines beneficiation plant, pellet plant and 250 km slurry pipeline. It is also proposing a 7.5 MTPA Crude to Petrochemical (CTC) complex, which involves an investment of about Rs 40,000 crore,” Mr. Ruya said at the Make in Odisha Conclave 2022 in Bhubaneswar.

  9. According to him, the company is looking to establish CTC in collaboration with an international player.

  10. Mr. Ruia added that his company is making major investments in Odisha in the power, mining and metals sectors. He claimed that Odisha is experiencing double digit growth and incredible industrial and social development.

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