Big Push to Industrialisation: Odisha Gives Nod to Whopping 2 Lakh Crore Investment Proposals

Bhubaneswar: The politically stable eastern state Odisha with its dynamic and charismatics  leader is moving fast towards Industrialization.

Traditionally, the state has been the metal hub of the country with highest production of aluminium, steel and stainless steel. But now it is poised to be the leader in Chemicals and Petrochemical sectors in the east.

The State Govt has approved five investment proposals envisaging investment of Rs  2,04,069 crore in the 20 High Level Clearance Authority (HLCA) meeting held under the chairmanship of Chief Minister Naveen Patnaik in newly inaugurated Kharavel Bhawan Conference hall today evening wherein Sanjeev Chopra, Principal Secretary, Industries, outlined the project proposals for consideration. This is the highest ever investment approved by the HLCA so far.

These proposals will create employment opportunities for 27645 people.

The proposals approved in the meeting belong to the focus sectors identified by the government – Chemicals & Petrochemicals and Metal Downstream.

In a major breakthrough in the Petrochemical sector, the HLCA gave its nod to two big proposals for setting up their projects at Odisha. The first one was by Haldia Petrochemicals to set up a hydrocarbon processing complex comprising light crude oil refinery, Aromatics complex and Etnylene Cracker Complex near the proposed Subarnarekha port, Dist- Balasore with a total investment of Rs. 78,225.00 Crores, providing job opportunities for around 1,0000 people.

Another proposal was by the petrochemical major, Indian Oil Corporation Limited to expand its existing Refinery unit from 15 MMTPA to 25 MMTPA, and setting up of a Petrochemical complex comprising a Dual Feed Cracker, Naphtha cracker and Petcoke Gasification Plant at Paradip in Jagatsinghpur district with a total investment of Rs.1,00,300 Crores, employing around 12,595 people. The project will ensure the availability of building block feedstock to ancillary and downstream units in the Chemical and Petrochemical sector.

Another proposal by IOCL, to set up 1.2 MMTPA capacity of PX-PTA (Purified Terephthalic Acid complex) with an investment of Rs 9,136 Crore in its existing Paradip refinery, employing around 3,200 people, has also been approved in the meeting.
These would not only make the state a Petrochemical nub, propelling growth of downstream petrochemical units in state, but also make Odisha, the Energy Gateway of the East. Both the projects being port-based would also facilitate the export and import trading.

In the metal downstream Sector, the HLCA approved the proposal of Jindal (India) Limited to set up a Cold Rolling Complex of 0.50 MTPA and Steel Processing Plant at Kalinga Nagar Industrial Complex in Jajpur, with a total investment of Rs. 1676 Crores, providing employment to about 1,300 people.

Another proposal by  Talcher Fertilizer Ltd to set up a Coal based Urea Fertilizer complex of capacity 1.99 MMTPA at Talcher in Angul with investment of Rs. 14,732 Crores, employing around 550 people was also approved.