Odisha bags about Rs 1.4 lakh cr investment proposals on 2nd day of investors' meet

The Odisha government on Monday bagged investment proposals of about Rs 1.4 lakh crore till the end of the second day of its flagship " Make in Odisha" Conclave. Addressing the Inaugural Plenary session of the second edition of the summit, Odisha Chief Minister Naveen Patnaik proposed the industrialists to plan "a long term strategy" for investment in the state over the next 10 years.

"Dedicated teams will be appointed by my government to handhold the implementation of your long term plans. I assure you of unmatched facilitation support from my government," he said. Patnaik also urged them to deliberate upon the vast opportunities that Odisha offers and to work together for developing the state as a manufacturing hub of South Asia.

He also mentioned the state government has laid down the Odisha Industrial Development Plan: Vision 2025 with a target of attracting investment of Rs 2.50 lakh crore and creation of 30 lakh job opportunities in six identified focus sectors by 2025. Central ministers were not seen in the conclave dominated by industry captains.

Among those who participated in the event were Tata Group Chairman N. Chandrasekaran, Reliance Industries` Chairman Mukesh Ambani, Anil Agarwal of Vedanta Resources, Kumar Mangalam Birla of Aditya Birla Group, JSW group`s Chief Sajjan Jindal and his brother Naveen Jindal from Jindal Steel and Power (JSPL), FMCG major ITC Ltd`s Managing Director Sanjiv Puri, State Bank of India`s Head Rajnish Kumar, Bandhan Bank`s Managing Director Chandra Shekhar Ghosh. 

A host of regional big names and local start-up entrepreneurs also attended the event, that was inaugurated by Patnaik. Aditya Birla Group Chairman Kumar Mangalam Birla announced an investment of over $2 billion in the state in the next two years while Tata Group Chairman said its total investment in Odisha will soon cross Rs 1 lakh crore.

"Even as we are able to consolidate we dream of higher growth trajectory here. We expect to invest over two billion dollars here in the next two years," Birla said at the Conclave. Stating that Tata Group`s Association with the eastern state was more than 100 years old, Chandrasekaran said Tata Steel was given its first iron ore lease by Maharaja of Mayurbhanj in the early part of 20th century. Since then, the group has significantly expanded in the state.

"Already, we have made investments worth Rs 75,000 crore and with the announcement of expansion of (Tata Steel`s) Kalinganagar plant, another Rs 25,000 crore would be invested. Total investments will soon cross Rs 100,000 crore in the state," he said.

The other big ticket investment commitment came from public sector undertaking, SAIL. The steel major said it would invest over Rs 40,000 crore to ramp up capacities at the Rourkela Steel Plant (RSP) to take its capacity to 10 million tonnes per annum.

Vedanta Resources` Anil Agarwal urged the investors to explore downstream industries, while highlighting that his company kept its promise of developing the underdeveloped belt of Kalahandi through sustained investments in an aluminium refinery and community development.

Jindal Steel and Power (JSPL) Chairman Naveen Jindal said the group is confident of expanding its steel plant at Odisha`s Angul district from the current six million tonne per annum (mtpa) capacity to 20 mtpa by 2030. It also planned to increase its investment from Rs 45,000 crore to Rs 100,000 crore. JSW Group`s Chairman Sajjan Jindal also proposed to set up a Greenfield steel project in the state.

Diversified conglomerate ITC would invest Rs 550 crore at its food processing plant in Odisha`s Khurda district over the next 2-3 years while Britannia Industries would pump in Rs 60 crore of investments at its existing facility in the same district for expansion of their projects.

State Industries Department Principal Secretary Sanjeev Chopra said the government`s focus has been on ensuring clearances for industries or organisations who have given their consent or intent to invest in Odisha. "Through our sustained efforts, 64 projects have seen ground breaking or inaugurations in recent years. We have brought down the process time of single window clearance system to 20 days," he said.

He also said the state provided digitised land bank, which is accessible not only in India but globally having around 1,20,000 acres of land available for interested investors.