+
Odisha Clears Rs 766.12 bn Investment Across 20 Projects
ECONOMY & POLICY

Odisha Clears Rs 766.12 bn Investment Across 20 Projects

The Odisha government approved twenty investment proposals worth Rs 766.12 billion (Rs 766.12 bn) across multiple sectors at a High-Level Clearance Authority meeting chaired by Chief Minister Mohan Charan Majhi. The decisions are expected to support industrial diversification and to generate employment for more than 50,000 people in the state. The government attributed the inflows to progressive policies, improved infrastructure and continued efforts to ease doing business. The approvals span manufacturing, renewable energy and heavy industry.

Major approvals include three lab-grown diamond manufacturing projects by Kira Diam LLP, Anjali Labtech and Grow Magnificent in Khordha district, with a combined investment of Rs 98.18 bn and anticipated creation of around 8,100 jobs. In the green energy equipment segment, Tata Power Renewable Energy proposed Rs 100.00 bn for an ingot, wafer and solar photovoltaic cell complex in Ganjam and Saatvik Solar Industries proposed Rs 17.10 bn for a solar PV cell plant in the same district. Officials indicated these projects aim to strengthen local value chains.

The rare earth and advanced materials space attracted proposals such as a Rs 12.50 bn NdFeB magnet plant from N.A.N. Magnetech and a Rs 24.00 bn sintered permanent magnet facility from Larsen & Toubro, both targeted at Khordha, Cuttack or Ganjam locations. World Titanium Industry plans a Rs 28.00 bn titanium dioxide slag and pigment unit in Ganjam. These investments were presented as supporting electric vehicle supply chains and advanced materials capacity in the state.

Steel, iron and ferro alloys accounted for a share of approvals, including Rashmi Metallurgical Industry's Rs 150.00 bn proposal for a four million (mn) tonne per annum (MTPA) integrated steel plant in Jajpur. Shyam Metalics and Energy proposed Rs 75.80 bn for a one MTPA plant in Sambalpur while SMC Power Generation outlined expansions totalling Rs 91.50 bn across Badmal and Hirma sites. Other clearances covered a Rs 11.70 bn pharmaceutical facility by Nectar Lifesciences and a Rs 15.00 bn railway coach manufacturing unit by Jupiter Wagons. The state said the approvals reinforce its focus on job creation and industrial growth.

The Odisha government approved twenty investment proposals worth Rs 766.12 billion (Rs 766.12 bn) across multiple sectors at a High-Level Clearance Authority meeting chaired by Chief Minister Mohan Charan Majhi. The decisions are expected to support industrial diversification and to generate employment for more than 50,000 people in the state. The government attributed the inflows to progressive policies, improved infrastructure and continued efforts to ease doing business. The approvals span manufacturing, renewable energy and heavy industry. Major approvals include three lab-grown diamond manufacturing projects by Kira Diam LLP, Anjali Labtech and Grow Magnificent in Khordha district, with a combined investment of Rs 98.18 bn and anticipated creation of around 8,100 jobs. In the green energy equipment segment, Tata Power Renewable Energy proposed Rs 100.00 bn for an ingot, wafer and solar photovoltaic cell complex in Ganjam and Saatvik Solar Industries proposed Rs 17.10 bn for a solar PV cell plant in the same district. Officials indicated these projects aim to strengthen local value chains. The rare earth and advanced materials space attracted proposals such as a Rs 12.50 bn NdFeB magnet plant from N.A.N. Magnetech and a Rs 24.00 bn sintered permanent magnet facility from Larsen & Toubro, both targeted at Khordha, Cuttack or Ganjam locations. World Titanium Industry plans a Rs 28.00 bn titanium dioxide slag and pigment unit in Ganjam. These investments were presented as supporting electric vehicle supply chains and advanced materials capacity in the state. Steel, iron and ferro alloys accounted for a share of approvals, including Rashmi Metallurgical Industry's Rs 150.00 bn proposal for a four million (mn) tonne per annum (MTPA) integrated steel plant in Jajpur. Shyam Metalics and Energy proposed Rs 75.80 bn for a one MTPA plant in Sambalpur while SMC Power Generation outlined expansions totalling Rs 91.50 bn across Badmal and Hirma sites. Other clearances covered a Rs 11.70 bn pharmaceutical facility by Nectar Lifesciences and a Rs 15.00 bn railway coach manufacturing unit by Jupiter Wagons. The state said the approvals reinforce its focus on job creation and industrial growth.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

BMW Ventures Secures Rs 249.83 Million (mn) Steel Orders

BMW Ventures Limited said it has secured two purchase orders totalling Rs 249.83 million (mn) from Lata Projects Limited for the supply of TMT steel FE-550D grade for three units of 800 megawatt (MW) capacity at the USCTPP Adani project. The orders were disclosed to the stock exchanges under Regulation 30 of the SEBI Listing Regulations and carry a contract value inclusive of all taxes.\n\nThe company stated that the orders will be executed within eight weeks from the date of the purchase orders and that the contract provides for 100 per cent advance payment with specified guarantees. The supp..

Next Story
Real Estate

Housing Sales Dip in Top Eight Cities in Q2, Pune and Bengaluru Hit Hard

Housing sales across the top eight cities fell six point one per cent year-on-year to 91,729 units in the April-June quarter from 97,674 a year earlier, PropTiger’s Real Insight Residential report showed. The moderation reflected seasonal pre-monsoon effects and heightened buyer caution amid the US-Iran conflict. New launches rose six per cent to 89,161 units. The impact was concentrated in technology-driven markets, with Pune and Bengaluru among the hardest hit. Pune recorded the steepest annual decline at 20.8 per cent, with sales falling to 12,642 units, while Ahmedabad declined 20.2 per ..

Next Story
Infrastructure Urban

India And ADB Sign US$230 Million Loan To Modernise Chennai Water

The Government of India and the Asian Development Bank (ADB) signed a US$230 million loan to modernise and expand water supply and sanitation infrastructure in Chennai. Saurabh Singh, Deputy Secretary, Department of Economic Affairs (DEA), signed on behalf of the Government of India and Mio Oka, Country Director of ADB’s India Resident Mission, signed for the lender. The engagement was guided by Baldeo Purushartha, Joint Secretary (ADB and Japan), DEA. The Chennai Climate-Resilient Water Security and Sewerage Project aims to improve access to safe and reliable water and sanitation citywide w..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code