Bhubaneswar: The state government on Tuesday approved five investment proposals in the metal sector worth Rs 1.46 lakh crore with the aim of double steel production in the state for the next few years.
While the existing steel making capacity is around 30 mtpa, the high-level permit authority led by the head of the Head of Naveen Patnaik approved another 27.5 MTPA capacity.
The five approved proposals are expansion of existing facilities.
“All of these projects need a big boost to realize Odisha’s dream to become an Indian steel center in 2030,” said Naveen during the meeting.
National-2017 steel policy, which aims to increase state steel production to 300 MTPA in 2030, imagining Odisha produces 100 mtpa steel at that time.
The official source in the State Department of Industry said Odisha attracted an investment opportunity for Rs 2.96 lakh crore during the financial year 2020-21 although Covid.
With additional investment Tuesday, the total investment since last year will be in the Rs 4.43 Lakh Crore area.
Approved projects include the expansion of the Bhushan Power and Steel Limited factory (BPSL) of 5 MTPA up to 15 mtpa.
Around RS 55,000 Crore will be invested in expansion projects located in Rengali in Sambalpur when expected to produce employment opportunities for more than 10,000 people.
Nearly six years after the dedication of the first phase of Tata Steel plants in the Kalingananagar in Jajpur Regency, the company’s proposal for the expansion of 3 MTPA to 8 MTPA gets a government nod.
Tata Steel will invest RS 47,599 Crore in expansion projects and establish several other additional units to produce more than 4,600 jobs.
The Main Minister dedicated 3 MTPA Factories of the Company in November 2015.
The panel also approved the expansion plan of the Jindal steel revision and power limited from Angul plants from 6 MTPA to 25.2 MTPA to make the largest single location steel factory in the world.
In November last year, the state government has approved the plan to expand to 18.6 MTPA 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 to more than RS 1 Lakh Crore.
LED company Naveen Jindal has invested around RS 45,000 Crore at Angul factory and at the pellet plant in Barbil.