Odisha’s Economic Landscape Transformed: 27 Projects Worth INR 6,13;4.52 Crores Approved

Bhubaneswar, February 24, 2024: Odisha is undergoing a transformative economic evolution as the 128th State Level Single Window Clearance Authority (SLSWCA) meeting, chaired by Chief Secretary Shri Pradeep Kumar Jena, IAS, approved 27 projects valued at INR 6,134.52 Crores. These diverse investments are poised to reshape Odisha’s economic landscape, solidifying its position as a premier investment destination.

In a landmark decision, the SLSWCA has greenlit a series of projects spanning various sectors, including Downstream-Aluminium, Renewable Power, Manufacturing, Metal Ancillary, Aerospace & Defence, Tourism, Food Processing and Allied Sectors, Plastic, Apparel & Textiles, Steel (Downstream), Steel (Ferro Alloys), ESDM, IT infrastructure. With a total employment generation potential of 42,275 and a cumulative investment of INR 6,134.52 crores across ten districts, these ventures are expected to significantly contribute to the state’s economic development.

In the Renewable Power sector, Odisha Hydro Power Corporation Ltd., a Government of Odisha Undertaking, unveils its ambitious 63 MW Hydro Project in Kandhamal, with a project cost of Rs. 787.48 crores, promising 210 potential job opportunities.

In Infrastructure, Koli Commercial LLP pioneers a Private Freight Terminal under the Gati Shakti Multi-Modal Terminal scheme in Angul, with an investment of Rs. 82.02 crores, aiming to generate 255 employment opportunities.

In the Manufacturing sector, Texmaco Rail & Engineering Ltd initiates a unit for 35,000 MT manufacturing of bogies and couplers for railways manufacturing in Paradeep, contributing Rs. 438.92 crores to the project and potentially employing 2,000 individuals. Meanwhile, in the Machinery and Equipment sector, Premium Transmission ventures into Industrial transmission and renewable energy equipment manufacturing unit in Khurda, investing Rs. 555.00 crores and offering employment to 700 individuals.

In the Metal Ancillary sector, Almamet introduces a Magnesium Granules Manufacturing Unitin Kalinga Nagar with a project cost of Rs. 50.60 crores, projecting employment for 95 individuals. TIMAB Magnesium establishes aMagnesia Refractories Manufacturing Unitin Khurda with an investment of Rs. 90.00 crores, potentially employing 330 individuals.

The Aerospace & Defence sector witnesses Premier Explosive unveiling a Defense Explosives Plant in Rayagada, investing Rs. 864.00 crores and generating employment for 3,750 individuals.

To invest in the Tourism sector, ITC Limited diversifies its portfolio with a 5-star hotel under the “Welcomhotel” brand in Puri, investing Rs. 148.39 crores and creating 154 job opportunities.

In the Food Processing Sectors, Indo Nissin Foods Pvt Ltd introduces PP Cups manufacturing unit in Khurda, investing Rs. 51.00 crores and offering 51 potential job opportunities.

In the Plastic sector, Magpet Polymer Pvt Ltd initiates PET Preform, Bottles, & Caps Recycled Flakes & Pellets in Khordha, with a project cost of Rs. 175.00 crores and a potential employment of 545 individuals.

In the Apparel & Textiles sector, MAF Clothing, SAPL Industries Pvt. Ltd., Meenu Creation LLP, Pooja International, Sonu Exim Pvt Ltd, Rainbow Fabart Private Limited, B L International Private Limited, Fine Lines (Noida Apparel Cluster), and Canberg Global Sourcing Pvt. Ltd., collectively invest in readymade garments manufacturing units across Khordha and Puri, projecting employment for over 26,823 individuals with total investments of589.78 crores.

In the Steel (Downstream) sector, Prunama Steels Private Limited unveils an ERW Pipe manufacturing unit of capacity 80000 MT in Sundergarh, with a combined investment of Rs. 54.70 crores and employing 250 individuals.

In the Steel sector, MSP Sponge Iron Limited introduces a 2 MTPA Iron ore Grinding in Keonjhar, investing Rs. 150.00 crores and offering employment to 78 individuals. Sree Metaliks Ltd sets up a 1 MTPA Grinding unit in Keonjhar, with an investment of Rs. 147.00 crores and employment potential for 84 individuals. Suraj Products Limited pioneers a 20,000 MT ferro alloys plant in Sundergarh, with a project cost of Rs. 98.50 crores and potential employment for 150 individuals.

In the ESDM sector, Jupiter International Limited leads the way in solar technology with a manufacturing facility of photovoltaic solar cells in Khordha, investing Rs. 250.00 crores and employing 350 individuals.

In the IT infrastructure sector, Perfectus Technology Solutions Pvt Ltd and Umang Cold Storage Private Limited invest in IT infrastructure projects in Info City, Chandaka IA Bhubaneswar, with a combined investment of Rs. 709.13 crores and offering employment to 5,900 individuals.

In a collective effort, these 27 transformative projects, with a cumulative investment of INR 6,134.52 Crores, are poised to create 42,275 employment opportunities, paving the way for enhanced industrial growth and economic prosperity in Odisha.

Odisha continues to witness a surge in investments across various sectors, fostering economic growth and employment opportunities throughout the state. Chief Minister Naveen Patnaik’s effective leadership is turning Odisha into a sought-after global investment destination, and his visionary approach and dedication to sustainable and inclusive growth set a remarkable standard for the state’s overall development.

Corporate Comm India (CCI Newswire)