Bhubaneswar: High-Level Permit Authority (HLCA) led by the Head of the Head of Naveen Patnaik on Tuesday approved five investment proposals worth Rs 1.46 lakh crore in the metal sector, with the aim of doubling the next state steel production.
While the current steel making capacity of the country is around 30 MTPA, HLCA approved the capacity of other 27.5 mtpa steel making.
The five approved proposals are expansion of existing facilities.
The approved project included the expansion of Bhushan Power and Steel Limited (BPSL) which was recently acquired by JSW Steel from 5 MTPA for 15 MTPA.
Around RS 55,000 Crore will be invested in expansion projects located in Rengali in Sambalpur while it will produce potential employment opportunities for more than 10,000 people.
Nearly six years after the dedication of the first phase of the Steel steel factory in the Kalinganagar in Jajpur Regency, the company’s proposal for the expansion of plants from 3 MTPA to 8 MTPA gained a nod of the state government.
Tata Steel will invest RS 47,599 Crore in expansion projects and to set several other additional units to produce more than 4,600 jobs.
The main minister has dedicated 3 MTPA factories in November 2015.
HLCA also approved the planned expansion of Jindal Steel and Power Limited revisions from the angul factory of 6 MTPA to 25.2 MTPA to make it the largest local steel factory in the world.
In November, last year the state government had approved the 30.6 MTPA expansion plan with an investment of Rs 76,000 Crore.
The official source said, to increase the capacity to 25.2 MTPA, the company will invest an additional RS 24,652 Crore taking a total investment of more than Rs 1 Lakh Crore for expansion.
LED company Naveen Jindal has invested around RS 45,000 Crore at Angul factory and at the pellet plant in Barbil.
Two more Runta Mines Limited proposals – Expansion of facilities near Dhenkanal from 2.85MTPA to 7.55MTPa with an investment of Rs 11,001 Crore and Slim up Unonjhar Unit capacity of 0.53 MTPA to 3MTPA with an investment RS 7,920 also gets a state government nod.
The two expansion projects will produce more than 11,300 jobs.
With this, the Kaya Mineral Nonjar district will have a large ticket project.
“All of these projects need a big boost to realize Odisha steel dreams and make Odisha Indian steel center in 2030,” said the minister’s chairman.
National-2017 steel policy that aims to increase state steel production to 300 MTPA in 2030 has also been imagined to produce 100 MTPA Steel in Odisha at that time.
The official source in the State Industry Department said Odisha attracted an investment opportunity for Rs 2.96 lakh Crore for 2020-21 years of finance despite a covid pandemic.
With additional investment at this time, the total investment since last year will become Rs 4.43 Lakh Crore.