BHUBANESWAR: The high-level clearance authority (HLCA) chaired by Chief Minister Mohan Charan Majhi on Wednesday approved 20 mega projects entailing investment of Rs 76,612 crore across nine districts with the potential to create more than 50,500 jobs.
The approvals signal a strategic shift towards advanced manufacturing and new-age sectors such as lab-grown diamonds, rare earth magnets, green energy equipment and value-added minerals, besides traditional industries like steel and power.
“As our government completes two years, Odisha has emerged one of the key investment destinations in the country. Progressive policies, improved ease-of-doing business and strong infrastructure have enabled us to attract investments across both traditional and emerging sectors,” Majhi said.
A key highlight of the meeting was the emergence of Odisha as a hub for lab-grown diamond manufacturing. Three companies - Kira Diam LLP, Anjali Labtech Ltd and Grow Magnificent Pvt Ltd - will invest a combined Rs 9,817.50 crore in Khurda district, creating around 8,100 jobs.
Green energy also figured prominently in the investment pipeline. Tata Power Renewable Energy Ltd will invest Rs 10,000 crore in Ganjam to set up ingot, wafer and solar PV cell manufacturing facilities, generating 5,000 jobs. Similarly, Saatvik Solar Industries will invest another Rs 1,709.81 crore in solar cell manufacturing.
The state’s push towards critical minerals gained momentum with projects in rare earth-based products. Larsen & Toubro and N.A.N. Magnetech will jointly invest Rs 3,650 crore in permanent magnet manufacturing, while World Titanium Industry plans a Rs 2,800 crore titanium dioxide project in Ganjam.
Steel continued to dominate the investment landscape. Rashmi Metallurgical Industry alone committed Rs 15,000 crore for a 4 MTPA integrated steel plant in Jajpur, which is expected to create 11,000 jobs.
Shyam Metalics, SMC Power Generation and BR Steel & Power also secured approvals for major projects with investments of Rs 7,580 crore in Sambalpur, Rs 5,350 crore in Jharsuguda and Rs 3,800 crore in Sambalpur respectively.
In the power and renewable energy sector, Rajapuspa Renova LLP proposed to establish a pumped storage hydro power plant in Malkangiri with an investment of Rs 5,220 crore, while KU Urja Private Limited will invest Rs 2,471.98 crore in a coal-based thermal power plant in Jharsuguda.
In the pharmaceutical sector, Nectar Lifesciences Limited will invest Rs 1,170 crore in Sambalpur for a pharmaceutical manufacturing unit. Jupiter Wagons Limited plans to establish a railway coach manufacturing facility in Jajpur with an investment of Rs 1,500 crore.
“These investments reflect growing investor confidence in Odisha and our commitment to employment generation, industrial diversification and balanced regional development,” Majhi said.
AT A GLANCE
Kira Diam LLP, Anjali Labtech Ltd & Grow Magnificent Pvt Ltd to invest a combined Rs 9,817.50 cr in Khurda
Tata Power Renewable Energy Ltd will invest Rs 10K cr in Ganjam for solar PV cell facilities
Larsen & Toubro, N.A.N. Magnetech will jointly invest Rs 3.6K cr in permanent magnet manufacturing
Rashmi Metallurgical Industry to set up 4 MTPA integrated steel plant in Jajpur for Rs 15K cr