Utkarsh Odisha vs Karnataka’s Global Investors Meet, Day 1 comparison of investment proposals

The ongoing Global Investor’s Meet, a part of the Invest Karnataka initiative, saw many investments being poured into the state. The summit came just over two weeks after the Utkarsh Odisha: Make In Odisha 2025 Conclave, which also attracted significant investments.

Showcasing the potential and competitive spirit of the two states, here is a detailed outline and comparison of the first-day investments and industry pledges that the two respective summits brought about.

Utkarsh Odisha: Make-in-Odisha Conclave 2025

Odisha presented an impressive business pitch, attracting over Rs 4.5 lakh crore in investment proposals on the first day. Highlighting the same, Chief Minister Mohan Majhi said that Odisha received three times more investment proposals than initially expected, marking a significant milestone for the state.

Key Investments in Odisha on the first day of Utkarsh Odisha:

Adani Group: The company led with a record Rs 2.28 lakh crore pledge, focusing on renewable energy and infrastructure.

Vedanta Group: Rs 1 lakh crore for establishing a 6 MTPA aluminium refinery and a 3 MTPA smelter plant in Rayagada.

JSW Group: Rs 35,000 crore for setting up a 5 MTPA steel plant in Keonjhar.

Jindal Steel and Power (JSP): Rs 70,000 crore for the expansion of the Angul steel plant.

Tata Steel: Rs 80,000 crore for new projects in Paradip and Gopalpur.

Avaada Group: Rs 20,000 crore for renewable energy projects in Gopalpur.

Birla Group: Rs 50,000 crore for a copper foil plant.

With the National Green Hydrogen and Solar Power Missions at the forefront, Odisha is poised to become a hub for renewable energy innovations. Additionally, the state witnessed the signing of 54 Memorandums of Understanding (MoUs) on the first day, with further many coming in the day right after.

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Invest Karnataka 2025: Global Investors’ Meet

Karnataka’s Global Investors’ Meet, which started on February 12, saw significant investment proposals from leading global and domestic firms across renewable energy, manufacturing, semiconductors, R&D, and infrastructure.

Key Investments in Karnataka:

JSW Neo Energy Ltd: Rs 56,000 crore for solar and wind energy projects, battery storage, blade manufacturing, and a wind turbine generator plant.

Baldota Steel and Power Ltd: Rs 54,000 crore for an integrated steel plant.

Tata Power Renewable Energy: Rs 50,000 crore for renewable energy projects.

ReNew Pvt Ltd: Rs 50,000 crore for setting up 4GW of renewable energy projects.

Mahindra Susten: Rs 35,000 crore for solar and hybrid projects.

Serentica Renewables India Pvt Ltd: Rs 43,975 crore for renewable energy projects.

Mahindra Group: Additional investments in tourism and defence sectors.

Karnataka’s investment summit attracted top companies like JSW, Baldota Steel, Tata Power, and Mahindra Group, with a clear focus on renewable energy and industrial manufacturing.

Comparison of Common Investors:

Both Odisha and Karnataka secured investments from common companies, including JSW and Tata Power. In Odisha, JSW pledged Rs 35,000 crore for a steel plant, while in Karnataka, JSW Neo Energy Ltd committed Rs 56,000 crore for renewable energy projects.

Tata Power invested significantly in renewable energy projects in both states, demonstrating their commitment to sustainable energy solutions.

Overlapping Investors: JSW’s Dual Focus

JSW Group emerged as a key player in both states:

Odisha: Rs 35,000 crore for steel, with a potential Rs 1 lakh crore total over five years.

Karnataka: Rs 56,000 crore (renewables) and Rs 45,000 crore (steel), part of its Rs 1 lakh crore pledge.

Sectoral Split

Odisha prioritized metals, mining, and renewables, leveraging mineral-rich resources. Karnataka leaned into tech, mobility (e.g., Honda’s Rs 600 crore EV plant), and semiconductors (Lam Research’s Rs 10,000 crore).

On the first day, Odisha’s Utkarsh Odisha Conclave garnered more investment proposals, totalling over Rs 4.5 lakh crore, compared to Karnataka’s Global Investors’ Meet. Additionally, the focus on renewable energy, steel, aluminium, and petrochemical projects underscores Odisha’s potential as a major industrial hub.

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However, Karnataka, too, secured many deals with yet-undisclosed figures and is expected to attract more.