Rs 4.5L Cr investment proposals on Utkarsh Odisha Conclave Day 1: Who’s investing how much

Odisha has so far witnessed a surge in investment proposals totalling nearly Rs 4.5 lakh crore on the first day at the Utkarsh Odisha Conclave, an investment conclave inaugurated by Prime Minister Narendra Modi at Janata Maidan in Bhubaneswar on Tuesday. 

Who's investing how much

The first day was marked by the signing of 54 Memorandum of Understanding (MoUs) with several industrial firms. The Adani Group announced the highest investment proposal amounting Rs 2.28 lakh crore at the conclave. 

Additionally, an agreement for a massive steel plant development with JSW Group in Keonjhar was secured. JSW has promised investment between Rs 30,000 crore to 40,000 crore for the steel plant, which aims to have a production capacity of 5 million tonnes.

Jindal Steel and Power Limited (JSPL) intends to inject Rs 70,000 crore over the next six years, while Avaada Group unveiled plans to invest Rs 20,000 Crore in Gopalpur’s burgeoning renewable energy sector. 

The Birla Group has confirmed plans for a copper foil plant, and Vedanta has outlined intentions for an aluminium plant in Rayagada, with proposed investments of Rs 1 lakh crore.

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The Aditya Birla Group envisages investing Rs 50,000 crore to establish an aluminium refinery and smelter facility. Indian Oil Corporation is exploring a petrochemicals project in Bhadrak and Paradip, estimated at Rs 70,000 crore.

Who said what

“Odisha is a mineral-rich state and JSW group is in the minerals business. We have the program of steel plant expansion in Paradip and expansion of BPCL in Jharsuguda. We will also set up a steel plant in Keonjhar. We are going to invest around Rs, 1,00,000 crore in Odisha in the next five years. POSCO is interested in setting up a plant in Keonjhar and we are in discussion with them. Around Rs 30,000-40,000 crore will be invested in the proposed plant,” said Sajjan Jindal, Chairman of the JSW Group.

“We are targeting to expand the Angul Steel plant and increase its capacity from six million tonnes to 12 million tonnes in one year. We aim to double its capacity by 2030 which will be the biggest steel plant in the world in a single location,” said JSPL Group Chairman Naveen Jindal.

“We have promised to invest Rs 1,00,000 crore in aluminium. We will set up the company in Rayagada in three to four years,” said Vedanta Resources Limited Chairman Anil Agarwal.

“We are long-term investors. We have been here for a long time. We have investment plans of about Rs 50,000 crore in aluminium refinery and aluminium smelting,” said Aditya Birla Group Chairman, Kumar Mangalam Birla.

Rs 5 Lakh Crore investment target 

With the first-ever investment conclave of this scale, Odisha aims to transform itself into an industrial hub.  

According to Chief Minister Mohan Majhi, this event has laid the foundation for future economic growth. 

“Our aim was Rs 5 lakh crore investment. However, investors have competition among them to come here and sign MoUs with huge investments,” said CM Majhi.

“We have already accepted 54 MoUs. The value must be somewhere between Rs 4 to 4.5 lakh crore. The highest amount of MoU has been signed and exchanged with the Adani group amounting to Rs 2.28 lakh crore,” said Hemant Sharma, Secretary of Odisha Industries Department.

The conclave’s second day will feature focused sessions across ten industrial sectors, during which the State government anticipates additional investment commitments.