Odisha approves Rs.3,000 cr worth of investment proposals

The state’s biggest investment conclave was held between Nov 30 to Dec 2.

The Dollar Business Bureau 

In order to keep its commitment to speed up the implementation of new proposals for investment, Odisha’s Single Window Clearance Authority (SLSWCLA) cleared projects worth around Rs.3,000 crore, in many sectors including steel, petrochemicals, hospitality and food processing that would help in generating employment opportunities for around 22,000 people. 

The SLSWCLA headed by the State’s Chief Secretary A P Padhi recommended a proposal by navratna PSU, NLC India Ltd, for setting up a power plant to the high-level clearance authority chaired by Chief Minister Naveen Patnaik. NLC has submitted an investment proposal of Rs.11,783 crore for establishing a power plant in the Jharsuguda district. 

“Most of the projects were committed by companies in the recently concluded ‘Make in Odisha’ conclave while two others assured investment during the investors' meet in Bengaluru," said Sanjeev Chopra, Secretary – Industries, after the meeting.

The meeting was the first of the state’s single window panel after it staged its biggest investment conclave, from November 30 to December 2, 2016.

In the hospitality sector, the proposals approved include 3-star hotels by Natraj Hotel and Resorts Pvt Ltd (Rs.140 crore), Marigold Heritage Private Limited (Rs.268 crore) and Crackers India Infrastructure Ltd (Rs.54 crore).

In the tourism sector, the projects included setting up of the multiplex, community centre, food court and supermarket in all the district headquarters by Carnival Films Pvt Ltd with an estimated investment of Rs.150 crore.

In the food processing space, Adani Wilmar Ltd is likely to invest Rs.687 crore in establishing a refined edible oil mill whereas Globus Spirits Ltd is likely to invest Rs.150 crore in setting up a distillery with a bottling plant.

Odisha government also cleared investment proposal for a processing and freezing unit for shrimps by Falcon Marine Exports Ltd and a biscuit and dairy unit by Eastern Nutriments Pvt Ltd.

The investment proposals of Bharat Petroleum Corporation Ltd (BPCL) for an ethanol unit (Rs 500 crore) and Page industries Ltd for garment manufacturing unit (Rs 135 crore) were also cleared by the panel.

Shyam Metallics and Energy Ltd would invest Rs.870 crore for expansion of its steel bars, billets and flat products unit at Jharsuguda whereas Rakhi Agencies Ltd has shown its interest in investing Rs.59 crore for setting up an aluminium conductor and alloy rod unit.

The Dollar Business Bureau - Dec 23, 2016 12:00 IST