Odisha gets largest domestic investment proposal of Rs 28,700 crore


Bhubaneswar: The biggest domestic investment intent received at the Make in Odisha Conclave 2018 took a shape of approved proposal on Tuesday, boosting the manufacturing sector of the State.

The High Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik accorded approval to the proposal of the Haldia Petrochemicals Ltd (HPL) to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) at a total investment of Rs 28,700 crore near the Subarnarekha Port in Balasore district.

The land requirement for the project is 2,000 acres which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL). The land for the project has been identified in the vicinity of the upcoming Subarnarekha Port, which will be built jointly by the Tata Group and the State Government will create employment opportunities for 12,000 people. The first phase of the Haldia Petrochemicals project is expected to be operationalised within five years of allotment of land.

PTA can be used to set up downstream units in polyester fibers and polyethyl terephthalate (PET). These products are used by several medium and small scale enterprises to make garments, food packaging applications etc. The demand for these products is likely to be huge. Notably, the entire eastern India and nearby countries like Bangladesh are now sourcing polyester fibers from western part of the country. The proposed PTA unit will trigger investment in these products and will catalyse growth of further downstream processing units along the value chain driving economic growth of the region. It is estimated that the project would create direct and indirect employment opportunities for one lakh people.

In addition to Haldia Petrochemicals, the HLCA also approved the proposal of Indian Oil Corporation Limited to set up a polyester products manufacturing unit of 300 KTPA capacity at the textiles park coming up at Bhadrak district at an investment of Rs 1,970.52 crore. The project will create employment opportunities for 209 people and is expected to be implemented within four years of land allotment.

The HLCA also approved two proposals of Rungta Mines Limited. The first proposal was for the expansion of its 5 X 100 TPD sponge iron plant to 0.53 MTPA integrated steel plant at Karakolha in Keonjhar district. The expansion would entail investment of Rs 1,677.98 crore and will create about 1,100 employment opportunities. As per its second proposal, the company would set up an integrated steel plant of 0.53 MTPA capacity at Karakhendra in Keonjhar district at an investment of Rs. 1,848.69 crore. The employment potential for this project is 943.

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