The Business Bytes
TBB BUREAU
BHUBANESWAR, JULY 6, 2021
In a major success to Chief Minister’s Vision 2030 of making Odisha, the “Steel Hub of India”, the High-Level Clearance Authority today issued in-principle approval to five major industrial projects to the tune of Rs. 1,46,172 crore in the sector of Metal and Metal downstream.
These five industrial projects are further expected to create 26,959 employment opportunities in the state.
The five projects for which in-principle approval was accorded by HLCA include: expansion of Bhushan Power and Steel Limited’s integrated steel plant from 5 MMTPA to 15 MMTPA against an investment of Rs 55,000 crore to be set up in Rengali which will generate potential employment opportunities for over 10,000 persons; expansion of Tata Steel Limited’s Crude steel production from 3 MTPA to 8 MTPA, Hot rolled coil from 3 MTPA to 7 MTPA, 2.2 MTPA cold-rolled products and 2 MTPA long products against an investment of Rs 47,599 crore to be set up in Kalinga Nagar, Jajpur which will generate potential employment opportunities for over 4,625 persons; expansion of Jindal Steel and Power Limited (JSPL)’s 6 MTPA existing Integrated steel plant from the proposed capacity of 18.6 MTPA to 25.2 MTPA against an investment of Rs 24,652 crore to be set up in Angul which will generate potential employment opportunities for over 1,000 persons.
The investment by JSPL will take its total investment to Rs. 1,00,670crore, making it the largest single location steel plant capacity in the world.
The other projects that got HCLA clearance include expansion of Rungta Mines Limited’s Integrated Steel Plant from the proposed capacity of 2.85 MMTPA capacity to 7.55 MMTPA by adding capacity of 4.7 MMTPA against an investment of Rs. 11,001 crore to be set up in Jharbandh in Dhenkanal district which will generate potential employment opportunities for over 6,200 persons.
And, the expansion of Rungta Mines Limited’s Steel Plant capacity from 0.53 MMTPA to 3 MMTPA against an investment of Rs. 7,920 crore to be set up in Karakhendra, Keonjhar which will generate potential employment opportunities for over 5,134 persons.
With this additional steel making facility of 28 MT, Odisha will gear up to achieve 100 MT steelmaking capacity by 2030.
Becoming one of the top investment destinations in the country, Odisha has been able to attract investments worth Rs. 2.96 Lakh Crore in Financial Year 2020-21 in spite of the COVID pandemic.
Notably, Odisha has been consistently adding steel manufacturing capacity, which has gone up from 2 MT in the year 2000 to 20 MT in the year 2020. Several steel and downstream industries are already in various stages of implementation. The approvals granted today are to the leading and reputed investors in the metal sector of the country and will further reinforce Odisha’s position as the top most investment destination in the country.
