Odisha receives big investment intents on inaugural day of Utkarsh Odisha

Odisha attracts massive investments from top industrial groups, promising economic growth and development in various sectors.

The ongoing Utkarsh Odisha Conclave in Odisha has facilitated the signing of 54 MoUs, paving the way for new industries and the expansion of existing ones, with a potential to attract fresh investments worth ₹5 lakh crore to the state on the first day of the business summit.

The investment rush was led by Adani Group which committed to invest ₹2.28 lakh crore over the next five years across power, cement, industrial parks, aluminium and city gas sectors, said Hemant Sharma, Secretary of State Industries Department. More than 100 investment intents were put forward by industrial houses during their State leadership led by Chief Minister Mohan Charan Majhi.

Though the State Industry department was in the process of compiling the investment figures, the big-ticket projects could entail a combined investment worth ₹5 lakh crore. Karan Adani met Odisha CM and discussed investment proposals.

Vedanta Limited signed a memorandum of understanding (MoU) stating to invest ₹1 lakh crore. The MoU was signed in the presence of Odisha CM and Vedanta Limited chairman Anil Agarwal, Chairman. The collaboration includes the development of a 3 million tonnes per annum (MTPA) aluminium plant and an aluminium park that is poised to emerge as a major hub for downstream producers of aluminium products.

Sajjan Jindal-led JSW Group has signed different MoUs announcing an investment of ₹75,000 crore over the next five years. Mr. Jindal who met Odisha CM announced setting up a greenfield steel project with an estimated capacity of ₹35,000 crore in Keonjhar, Mr. Majhi’s home district.

Similarly, Jindal Steel and Power Limited (JSPL) has announced to invest additional ₹70,000 crore in Odisha. The announcement was made by Naveen Jindal, Chairman of JSPL during the Utkarsh Odisha Conclave.

“Under the visionary leadership and guidance of Prime Minister Narendra Modi, Odisha is ready to claim its rightful place under the sun. We realise that more than two dozen States in the country are vying to attract investment which is great for Indian economy. We are fully geared to walk an extra mile to make your lives a little easier with decisions like single-window clearance, doing away with unnecessary and avoidable documentation. The government is ready to walk three steps, if you choose to walk half a step,” Mr. Majhi told investors.