JSW Steel, Paradip among 10 projects worth Rs 1.10 lakh cr okayed by Patnaik

The Odisha government on Friday approved 10 major proposals, including of JSW Steel Ltd and Paradip Phosphates, with an investment of Rs 1.10 lakh crore which are aimed to create 46,000 jobs in the state.

The High Level Clearance Authority (HLCA), chaired by Chief Minister Naveen Patnaik, approved the projects.

"We are extremely pleased to have received firm commitments for more than 50 per cent of the investment intents received during the Investors' Meets held last year in Mumbai, Bengaluru and Bhubaneswar. Our priority now is on-ground implementation of these projects to create additional employment opportunities for our people," Patnaik said.

The projects approved by the HLCA include those by JSW Steel Limited, Paradip Phosphate Ltd, OCL India Limited, NLC India, National Aluminium Company Ltd, Bhusan Power and Steel Ltd, National Mineral Development Corporation, JSW Infrastructure Ltd and Smartchem Technologies Ltd.

The government approved the 10 million tonne per annum (MTPA) steel making facility of JSW Steel at Paradip in Jagatsinghpur district. The project will be set up with an investment of Rs 50,000 crore, which would provide 30,000 employment.

Chief Secretary A.P. Padhi informed that JSW has approached the government to set up the project at the land earlier allocated to Posco India.

Posco has shelved its proposed $12 billion steel project in Odisha.

The HLCA also approved the JSW slurry pipeline from Joda to Paradip for 30 MTPA iron ore transportation. The project will be set up with an investment of Rs 3,700 crore, said Padhi.

It also approved 0.50 MTPA smelter expansion plant of Nalco with an investment of Rs 10,000 crore at Angul. Nalco's one MTPA refinery expansion plant with an investment of Rs 4,357 crore at Damanjodi also got the nod of HLCA.

Besides, a 5.50 MTPA steel plant of Bhusan Power and Steel Ltd Plant with an investment of Rs 4,252 crore at Jharsuguda received the state government's approval.

Two MTPA pellet plants of NMDC at Dhamra, the expansion of Paradip Phosphates Ltd with an investment of Rs 9,459 crore, Rs 1,750 crore project of Deepak Fertilisers and Petrochemicals Corporation and Rs 1,994 crore expansion project of OCL Cement were approved in the HLCA.

Following the Make in Odisha Conclave in Bhubaneswar and Odisha Investor's Meets in Mumbai and Bengaluru, the state received investment intent of Rs 3.6 lakh crore through a total of 124 projects.

The government has already received firm commitment for 71 projects.

This is one of the highest and fastest rates of conversion of investment intent into commitment anywhere in the country, said an official.

--IANS

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