Odisha government has approved five proposals envisaging investment worth Rs 2,04,069 crore in the 20th High Level Clearance Authority (HLCA) meeting held in Kharavel Bhavan conference hall.
This is the highest ever investment approved by the HLCA so far. These proposals will create job opportunities for 27,645 people.
All the proposals approved in the meeting are in the focus sectors identified by the State government, i.e. Chemicals & Petrochemicals and Metal Downstream.
In the Metal Downstream sector, approval was given for the proposal of Jindal (India) to set up a cold rolling complex of 0.50 million tpa and steel processing plant at Kalinga Nagar Industrial Complex in Jajpur district. The total investment will be Rs 1,676 crore towards the project. It will provide employment opportunities to about 1,300 people.
Another proposal by Talcher Fertilizer to set up a coal based urea fertiliser complex of capacity 1.99 million tpa at Talcher in Angul district also received a nod. The project will see investment to the tune of Rs 14,732 crore and employment opportunities for around 550 people.
In Petrochemical sector, the HLCA gave its nod to two companies for setting up project in the state. Haldia Petrochemicals (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 crore, providing jobs for around 10,000 people.
Indian Oil Corporation (IOCL) to expand its existing refinery unit from 15 million tpa to 25 million tpa, and setting up of a petrochemical complex comprising a dual feed cracker, naphtha cracker and petcoke gasification plant at Paradip, Jagatsinghpur district with investment worth Rs 1,00,300 crore. The project will create jobs for 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.
Another proposal by IOCL, to set up 1.2 million tpa capacity of Purified Terephthalic Acid complex (PX-PTA) with an investment of Rs 9,136 crore in its existing Paradip refinery was also approved. The project will create employment opportunities for around 3,200 people.
Both the projects being port-based would also facilitate the export and import trading.