Odisha approves 5 mega projects worth Rs 1.46 lakh cr investment

Bhubaneswar: The Odisha government Tuesday accorded in-principle approval for five different projects having 27.5 MT steelmaking capacity at an investment of Rs 1.46 lakh crore, official sources said.

The state, which started its steel making journey from just 2 million tonne per annum (mtpa) in 2000, has so far enhanced the capacity to generate 30 mtpa and Tuesdays addition of another 27.5 mtpa will take the capacity to 57.5 mtpa, he said.

Tuesday's approval will also provide the mineral rich and tribal dominated Keonjhar district with a mega steel plant of 3 MT capacity. This is the first big investment in manufacturing in Keonjhar, the official said.

This apart, the approval to JSPL's expansion plan of its Angul plant to 25.2 mtpa, will make the company the world's largest single-location steel plant.

The approval was cleared at the State High Level Clearance Authority, chaired by Chief Minister Naveen Patnaik.

The new investment to the tune of Rs 1,46,172 crore in metal and metal downstream sectors during the COVID-19 pandemic also made Odisha one of the favoured investment destinations in the country.

The state has been able to attract investments to the tune of Rs 2.96 lakh crore in 2020-21 despite the Covid pandemic, he said, adding that with Tuesday's additional investments the total investments since last year will be Rs 4.43 lakh crore in the state.

These five projects are expected to create employment opportunities for 26,959 persons. "All these projects need a big push forward to realise the steel dream of Odisha," Patnaik said after approving these projects.

This will help to achieve the goal to produce 100 million tonne of steel by 2030, a senior official said, adding that the state currently has a production capacity of 30 million tonne, way ahead of a meagre 2 million tonne in the year 2000.