Adani, Vedanta and JSW lead Make In Odisha investment race, 21 MoUs signed

The heads from Adani Group, ArcelorMittal, JSW Steel, Vedanta Group were among the 54 corporate honchos seated with Naveen Patnaik as he pitched for the Odisha story and a land of opportunity. “Odisha is destined to become a trillion-dollar economy in near future. We will emerge as the gateway to East and South East Asia. I invite you to come and invest in a New Odisha,” the chief minister said.

Day 1 of the Make in Odisha Conclave 2022, of the third Edition of Odisha’s flagship investor summit organized by the Government of Odisha in collaboration with Federation of Indian Chamber of Commerce and Industry (FICCI), witnessed the presence of global leaders, 54 industry captains, 12,000 individual registrations, 212 exhibitors, participants from 11 countries and several industry leaders at the 2 plenary sessions and 8 sectorial sessions. The state launched the Industrial Policy Resolution 2022 which focusses on making Odisha the destination of choice for industrial enterprises across the country and globally.

Karan Adani, CEO, Adani Ports promised an investment of over Rs. 60,000 crore in the coming 10 years. The group is planning for 35 berths and a 5 MT LNG terminal at Dhamra Port, an alumina refinery and an iron ore project which will create thousands of jobs in the state.

The group will commission a liquefied natural gas (LNG) terminal with 5 million tons of capacity in Dhamra port in the state this month, and plans to double this capacity within the next five years, Karan Adani, chief executive officer of Adani Ports and Special Economic Zone, said in a speech during an investment summit in the state.

In a joint venture with Nippon Steel Lakshmi Niwas Mittal owned ArcelorMittal will be setting up a 24 million tonnes plant in Odisha. Tata Steel which has made investments of over ₹75,000 crore in Odisha will continue to invest in the state which has 25 per cent of India's total steel making capacity, its MD & CEO T V Narendran said.

"The Tata group of companies, and more specifically Tata Steel, has invested over ₹75,000 crore in Odisha in the last five years. We will continue to invest to support the growth in Odisha," the official said.

Anil Agarwal, Chairman & Founder, Vedanta Resources along with Naveen Patnaik, virtually laid the foundation stone of Vedanta Aluminium Park, stated to be India’s largest metal park. He appreciated the government's resilient approach towards business growth and mentioned the Group’s investment of over ₹1 lakh crore while creating direct and indirect livelihood for 5 lakhs people in the state.

JSW Group Chairman, Sajjan Jindal announced that the group will invest about Rs1 lakh crore more in Odisha for setting up a steel plant in Paradip and silicon metal plant to produce solar panels. He mentioned that the Group has already invested ₹60,000 crore in the state. ‘With current mineral revenue of Rs. 10,000 – Rs.40,000 crore, Odisha is soon to become a trillion dollar economy,’ Jindal stated.

Essar Capital will make an investment of about ₹52,000 crore in Odisha to set up various projects which include a 14 MT pellet plant and a 7.5 MT crude to petrochemical unit.

"Essar plans to set up several projects in Odisha. A 14 MTPA pelletizing complex at an investment of ₹12,000 crore, comprising an iron ore fines beneficiation plant, a pellet plant and 250 km slurry pipeline. Also proposes a 7.5 MTPA crude to petrochemical complex (CTC) involving about ₹40,000 crore investment," Ruia said at 'Make in Odisha Conclave 2022' in Bhubaneswar.

On day 1 of the Make in Odisha Conclave 21 MoUs were exchanged and 46 Investment Intent Forms (IIF) were submitted amounting to ₹585,742.26cr.  2 MoUs were also signed with BSE and NSE, and Govt of Odisha for assisting the MSMEs of the state to get listed on the MSME exchange of BSE.