Major business groups, such as Sajjan Jindal, Adani, Lakshmi Mittal, Tatas, Anil Agarwal, and Essar, on Thursday announced big-ticket projects and investments in Odisha, some of which were underway.
At the third edition of Make in Odisha, Chief Minister Naveen Patnaik told investors that his government would run the extra mile to make them comfortable in the state.
“We will walk along your side and make sure your dreams as an entrepreneur are realised. Odisha’s prosperity is inter-linked with new investments. We completely understand this and therefore, we welcome you from the core of our hearts.”
The spirit was matched by industrialists – the who’s who of India Inc who were present on Thursday, the first day of the investment conclave. According to state government numbers, investment intent forms submitted totalled Rs 585,742.26 crore.
Sajjan Jindal, chairman and managing director of 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 committed Rs 60,000 crore investment about four years ago. “We have already invested over Rs 30,000 crore and another Rs 30,000 crore is underway.”
On Thursday, Jindal committed another Rs 1 trillion across various projects, including a steel plant at Paradip, silicon wafer plant for solar panels, renewable power, etc.
Karan Adani, chief executive officer of Adani Ports and SEZ, said the group would be investing Rs 60,000 crore in 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 past five years, the Adani group has invested Rs 20,000 crore, which includes LNG terminal and Dhamra port.
Lakshmi Mittal, executive chairman of ArcelorMittal, said the company had decided to invest in steel plants in Kendrapara and in Paradip. Its joint venture with Nippon Steel is planning to set up a 24 mtpa plant in Kendrapara and 6 mtpa at Paradip.
Prashant Ruia, director of Essar Capital, said Essar had plans to set up several projects in Odisha, including a 14 mtpa export-oriented pelletising complex at an investment of Rs 12,000 crore, which comprises iron ore fines beneficiation plant at Keonjhar, a pellet plant at Paradip port, and a 250-km slurry pipeline.
Essar, in partnership with an international player, also proposes to develop 7.5 mmtpa crude-to-petrochemical complex (CTC) involving an investment of approximately Rs 40,000 crore.
Tata Steel Managing Director and CEO T V Narendran said the company was already producing about 9 million tonnes of steel in Odisha, which makes it the largest steel producer in the state. “We plan to double this over the next few years as we expand in all our locations in Odisha.”
The Tata group of companies, more specifically Tata Steel, has invested over Rs 75,000 crore in Odisha in the past five years. “We will continue to invest to support the growth in Odisha,” Narendran said.
Most of the industry leaders mentioned a “stable” leadership in Odisha as a significant value proposition.
Naveen Jindal, who is setting up the largest single-location steel plant, said, Odisha was his second home but it was his first karmabhoomi (workplace).
Some projects were kicked off at the conclave. Chief Minister Patnaik unveiled the foundation stone for Vedanta Aluminium Park at Jharsuguda virtually at the conclave in the presence of Anil Agarwal, founder and chairman of Vedanta Resources.
Spread over 253 acres, the Vedanta Aluminium Park will be one of India’s largest metal parks, a company statement said.
The foundation stone for Odisha’s first stainless steel industrial park by the chief minister, and Jindal Stainless MD Abhyuday Jindal.
About 21 memorandum of understanding were exchanged and 46 investment intent forms were submitted, a statement from the government said. It also mentioned that ReNew Power had 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 conclave also saw the launch of the Industrial Policy Resolution 2022.
