Adani, Vedanta and JSW lead Make In Odisha investment race, 21 MoUs signed | News Bharat

Heads of Adani Group, ArcelorMittal, JSW Steel, Vedanta Group were among the 54 corporate heads who sat with Naveen Patnaik as he championed Odisha’s history and the land of opportunity. “Odisha is destined to become a trillion dollar economy in the near future. We will emerge as a gateway to East and Southeast Asia. I invite you to come and invest in new Odisha,” the Chief Minister said.

Day 1 of the Make in Odisha Conclave 2022, the third edition of Odisha’s premier investor summit organized by the Government of Odisha in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI), witnessed the presence of world leaders, 54 captains of industry, 12,000 individual registrations, 212 exhibitors, participants from 11 countries and several industry leaders in 2 plenary sessions and 8 sector sessions. The state has launched the Industrial Policy Resolution 2022, which focuses on making Odisha a preferred destination for industrial enterprises across the country and globally.

Karan Adani, CEO, Adani Ports pledged an investment of over Rs. 60,000 crore over the next 10 years. The group is planning 35 berths and a 5 MT LNG terminal at Dhamra Port, an alumina refinery and an iron ore project that will create thousands of jobs in the state.

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

In a joint venture with Nippon Steel, ArcelorMittal-owned Lakshmi Niwas Mittal will set up a 24 million tonne plant in Odisha. Tata Steel, which has made investments of over 75,000 crore in Odisha will continue to invest in the state, which has 25 percent of India’s total steel production capacity, its MD & CEO TV Narendran said.

“The Tata group of companies, and specifically Tata Steel, is investing more 75,000 crore in Odisha in the last five years. We will continue to invest to support growth in Odisha,” the official said.

Anil Agarwal, Chairman and Founder, Vedanta Resources along with Naveen Patnaik, virtually laid the foundation stone of the Vedanta Aluminum Park, billed as the largest metal park in India. He appreciated the government’s sustainable approach to business growth and mentioned the group’s investment of over 1 lakh crore while creating direct and indirect livelihood for 5 lakh people in the state.

JSW Group chairman Sajjan Jindal has announced that the group will invest around Rs1 lakh crore more in Odisha to set up a steel plant at Paradip and a silicon metal plant to manufacture solar panels. He mentioned that the group has already invested 60,000 crore in the state. “With current mineral revenues of Rs. 10,000 – 40,000 crore, Odisha will soon become a trillion dollar economy,” Jindal said.

Esar Capital will make an investment of approx 52,000 crore in Odisha for setting up various projects which include 14 MT pellet plant and 7.5 MT crude oil to petrochemical unit.

“Essar is planning to set up several projects in Odisha. 14 MTPA pelletizing complex at an investment of 12,000 crore comprising an iron ore fines beneficiation plant, a pellet plant and a 250 km fertilizer pipeline. It also offers a 7.5 MTPA crude to petrochemical complex (CTC) comprising approx 40,000 crore investment,” Ruya said at the Make in Odisha Conclave 2022 in Bhubaneswar.

On Day 1 of the Make in Odisha Conclave, 21 MoUs were exchanged and 46 Intent to Invest Forms (IIFs) were filed amounting to 585,742.26 cr. 2 MoUs were also signed with BSE and NSE and the Government of Odisha to help MSMEs in the state get listed on the MSME Exchange of BSE.

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