Make in Odisha summit: Investments worth over ₹5-lakh cr to flow into State.

As many as 21 MoUs (memoranda of understanding) were exchanged and close to 46 Investment Intent Forms (IIF) amounting to around ₹5.85-lakh crore were submitted at the third edition of Odisha’s flagship investor summit. Arcelor Mittal JV with Nippon Steel, Adani Group, JSW Group, Vedanta Group and ReNew Power, among others, have envisaged interest in the State.

The Make in Odisha Conclave 2022, organised by the State government in collaboration with the Federation of Indian Chamber of Commerce & Industry (FICCI), also saw the launch of the Industrial Policy Resolution 2022 which focuses on making the State a destination of choice for industrial enterprises across the country and globally, said an official statement.

ArcelorMittal in a JV with Nippon Steel is setting up a 24-mt plant in Odisha. Adani Group’s capital expenditure in Odisha over the coming 10 years will cross ₹60,000 crore and the company is planning for 35 berths and a 5-mt LNG terminal at Dhamra Port, an alumina refinery and an iron ore project which will create thousands of jobs in the State, said Karan Adani, CEO, Adani Ports & SEZ Ltd.

JSW Group will invest about ₹1-lakh crore more in Odisha for setting up a steel plant in Paradip and silicon metal plant to produce solar panels. The group has already invested ₹60,000 crore in the State, said Chairman Sajjan Jindal.

Vedanta Group will invest over ₹1-lakh crore while creating direct and indirect livelihood for five lakh people in the State through the Vedanta Aluminium Park spread over 253 acres at Jharsuguda. The park will bring more downstream players to Odisha to deepen industrialisation in the State, Anil Agarwal, Chairman & Founder, Vedanta Resources Ltd, said at the conclave.

ReNew Power signed an MoU with Odisha to invest close to ₹45,000 crore which will be focused on projects related to green ammonia, hydropower and nature based solutions. Tata Steel, which has a production capacity of 8 mt in the State, is looking to double the capacity.

HBL