Major business groups such as Sajjan Jindal, Adani, Lakshmi Mittal, Tatas, Anil Agarwal and Essar on Thursday announced major projects and investments in Odisha, some of which are underway.
At the third edition of Make in Odisha, Chief Minister Naveen Patnaik told investors that his government would go the extra mile to make them comfortable in the state.
“We will walk alongside you and make sure your entrepreneurial dreams come true.” Odisha’s prosperity is linked to new investments. We fully understand this and therefore welcome you from the bottom of our hearts.”
The spirit was matched by the industrialists-who’s who of India Inc who were present on Thursday, the first day of the investment conclave.
Sajjan Jindal, chairman and managing director of the JSW group, said Odisha would be one of the first states to become a trillion dollar economy, which would be a huge achievement. The JSW group, he said, had invested Rs 60,000 crore about four years ago. “We have already invested over Rs 30,000 crore and another Rs 30,000 crore is in progress.”
On Thursday, Jindal committed another Rs 1 trillion to various projects, including a steel plant in Paradip, a silicon wafer plant for solar panels, renewable energy and more.
Karan Adani, CEO of Adani Ports and SEZ, said the group will invest Rs 60,000 crore over the next five years. “Our plans for 35 berths and a 5 million tonne LNG terminal at Dhamra Port, an alumina refinery and an iron ore project will create thousands of jobs in the state.” In the last five years, the Adani group has invested Rs 20,000 crore which include LNG Terminal and Dhamra Port.
Lakshmi Mittal, executive chairman of ArcelorMittal, said the company has decided to invest in steel plants at Kendrapara and Paradip. Its joint venture with Nippon Steel plans to set up a 24 mtpa plant at Kendrapara and 6 mtpa at Paradip.
Prashant Ruya, director of Essar Capital, said Essar has plans to set up several projects in Odisha, including a 14 mtpa export-oriented pelletizing complex with an investment of Rs 12,000 crore, which includes an iron ore fines beneficiation plant at Keonjhar. pellet plant at Paradip port and 250 km fertilizer pipeline.
Essar, in partnership with an international player, is also proposing to develop a 7.5 mmt/y crude petrochemical complex (CTC) involving an investment of approximately Rs 40,000 crore.
Tata Steel Managing Director and CEO TV Narendran said the company already produces about 9 million tonnes of steel in Odisha, making it the largest steel producer in the state. “We plan to double this in the next few years as we expand across all our locations in Odisha.”
The Tata group of companies, specifically Tata Steel, has invested over Rs 75,000 crore in Odisha in the last five years. “We will continue to invest to support growth in Odisha,” Narendran said.
Most of the industry leaders mentioned “robust” leadership in Odisha as a significant value proposition.
Naveen Jindal, who is setting up the largest single-site steel plant, said Odisha is his second home but it is his first karmabhoomi (workplace).
Some projects were launched at the conclave. Chief Minister Patnaik laid the foundation stone for Vedanta Aluminum Park in Jharsuguda virtually at a conclave in the presence of Anil Agarwal, founder and chairman of Vedanta Resources. Spread over 253 acres, Vedanta Aluminum Park will be one of the largest metal parks in India, the company said in a statement.
The foundation stone for Odisha’s first Stainless Steel Industrial Park by Chief Minister and Jindal Stainless MD Abhyuday Jindal.
About 21 memoranda of understanding have been exchanged and 46 investment intent forms have been submitted, the government said in a statement. It is also mentioned that ReNew Power has signed an MoU for an investment of Rs 45,000 crore. The investment will be focused on projects related to green ammonia, hydropower and nature-based solutions. The Industrial Policy Resolution 2022 was also presented at the conclave.