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Odisha Govt Nods 5 Investment Proposals Worth Over Rs 2 L Cr, Highest Ever Approved By HLCA

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19 August 2019

Debashish Maharana

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Bhubaneswar: Odisha Government in its 20th High Level Clearance Authority (HLCA) meeting today accorded its seal of approval to five major investment proposals worth Rs  2,04,069 crore.

The HLCA was presided over by Chief Minister Naveen Patnaik in the newly-inaugurated Kharavel Bhavan conference hall today evening.

Odisha Industries Secretary outlined the project proposals for consideration.

As per press note released on the occasion, “This is the highest ever investment approved by the HLCA so far. These proposals will create employment opportunities for 27,645 people. All the proposals approved in the meeting belong to the focus sectors identified by the State Government, i.e. Chemicals & Petrochemicals and Metal Downstream.”

In a major breakthrough in the Petrochemical sector, the HLCA gave its nod to two giants for setting up their projects in Odisha. The first one was by M/s Haldia Petrochemicals Ltd (HPL) to set up a Hydrocarbon processing complex comprising of light crude oil refinery, Aromatics complex and Ethylene Cracker Complex near the proposed Subarnarekha port in Balasore district with a total investment of Rs 78,225.00 crores, providing job opportunities for around 10,000 people, stated the press note.

It also stated that another proposal was by the petrochemical major M/s 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.

Yet another proposal by IOCL is 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 hub, 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 M/s Jindal (India) Ltd to set up a Cold Rolling Complex of 0.50 MTPA and Steel Processing Plant at Kaiinga Nagar Industrial Complex, Dist Jajpur, with a total investment of Rs 1,676 crores. providing employment to about 1,300 people.

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

The press note also stated, “Odisha outshines in the Chemical and Petrochemicals sectors with thumping success of two mega investment conclave (Make in Odisha 2016 & Make in Odisha 2018), along with its proactive business friendly policy framework, single window mechanism and one-stop-solution for investment has made Odisha the preferred investment destination of East.”

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Naveen Patnaik, Chief Minister, Odisha

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Dibya Shankar Mishra, Minister, Industries, Odisha

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Sanjeev Chopra, Secretary, Industries, Odisha