Odisha Receives Investment Proposals Worth Rs 70,000 Crore

The Odisha government said it has received investment proposals to the tune of Rs 70,959 crore in various sectors including manufacturing and renewable energy.

"We have received commitment of over Rs 70,000 crore from sectors like manufacturing to food processing and renewable energy. Odisha has become a choice for investors due to availability of skilled labour, political stability and resources," Odisha Industries Minister Debi Prasad Mishra told reporters in Mumbai on Monday.

Engineering major Larsen & Toubro is planning to invest Rs 12,000 crore for an aluminium refinery, while ITC is planning an investment of Rs 800 crore in food processing and hospitality.

NALCO is looking to invest Rs 20,500, while Tata Steel SEZ plans to invest about Rs 2,000-2,500 crore in the state.

Besides, GMR is looking to expand its power plant, US-based global electronics manufacturing services provider Sanmina is planning to set-up a facility and mining conglomerate Vedanta is planning to commission a downstream industrial park in the state.

The minister said three companies have evinced interest in the renewable energy sector for solar and tidal projects.

"We are especially focused on those sectors that can generate employment," he said.

For the ease of doing business, Odisha government has launched a portal for central inspection framework and E-Biz aimed at making investment process transparent and reducing any scope of exploitation.

Mishra further said ambassadors of Japan, Korea and an official delegation from China had met the state's Chief Minister Naveen Patnaik and have shown interest in partnering with the state.

"The Chinese delegation led by China Council for Promotion of International Trade has expressed interest in setting up an exclusive industrial park for Chinese companies," he said.

Korean steel giant Posco had put its plans on hold for the $12-billion proposed steel plant in Odisha, but Mishra said he is hopeful of the project going through.