Bhubaneswar: The Odisha government today accorded in-principle approval for establishment of a Rs 685 crore Gems and Jewellery Industrial Park at Ramdaspur of Cuttack district.

The state level committee, headed by Chief Secretary A P Padhi, accepted the offer submitted by Gitanjali Gems Limited which would be the anchor investor for the upcoming industrial park.

The initiative has been taken by the state for the up-coming 'Make in Odisha' Conclave, an official statement said.

While according the approval, Padhi said such type of Park would create more employment opportunities for women and handicapped persons.

The project envisaged a total investment of Rs 685 crore in three phases out of which the 1st phase investment would be around Rs 209 crore.

The proposed components in the Park included precious and semi-precious diamond cutting, diamond polishing, designing of gold, silver, platinum and diamond jewelleries, manufacturing of the jewelleries, manufacturing of fashion jewellery, manufacturing of life style products, retail centers and export houses.

The company proposed to bring in its associates and promoters like Asmi, Nakshatra, GILI, Sangini, Nirvana, Kairana, Valente, Viola to the Park.

The project envisaged the employment potential of creating jobs for around 16,000 people in three different phases, of which 4,000 would be engaged in the first phase.

The park will require 100 acres of land and 300 MW power,the statement said.

The committee suggested the project proponent to submit the Detail Project Report (DPR) within six months for consideration of final approval.

The state government was optimistic about establishment of the Park which would boost development and propagation of the great filligree tradition of Cuttack district.