Odisha Govt approves five investment proposals worth Rs. 1508crore

Bhubaneswar: The Government of Odisha today approved fiveinvestment proposals worth Rs 1508crorewhich will help create employment opportunities for 2,155people.
The government’s nod to the projects came during the 78thmeeting of the State Level Single Window Clearance Authority (SLSWCA) held under the chairmanship of Chief Secretary Sri Aditya Prasad Padhi.
The SLSWCA accorded approval to IOCL to set up a polyester products manufacturing unit of 324KTPA capacity at the textiles park in Bhadrak district with a total investment of Rs. 975.10 crorein joint venture with Haldia-based MCPI Private Limited. The project will create direct and indirect employment for 185 people.The project will act as an anchor and help in supplying feedstock or raw material to the downstream technical textile industries which will come up in the textiles park. It will reportedly provide employment to more than 100,000 persons in the long run.
One of the leading manufacturers of aluminium extrusions had submitted a proposal to set up a greenfield manufacturing unit at the Angul Aluminium Parkwith a capacity of 40,000 metric tonnes (MT) per annum. The investment outlay was Rs. 200 crores with employment potential for 500 persons. The proposal was approved at the meeting. The Aluminium Park at Angul is being developed as an exclusive state-of-the-art industrial park for ancillary and downstream industries for alumina and aluminium. The park is the first-of-its-kind in the Indian sub-continent with facility for directly obtaining molten aluminium from the smelter.
A Gujarat-based edible oil manufacturing company’s proposal to set up a 750,000 tonnes per annum vegetable oil manufacturing unit at Paradeep at an investment of Rs. 200 crore was also approved at the meeting. The unit will create employment opportunities for 920 people directly and indirectly.
The SLSWCA also approved the proposal of an Andhra Pradesh-based company which will invest Rs 71 crore to manufacture Instant Pasta and Vermicelli and Sweet Potato flour. Odisha is one of the largest producers of Sweet Potato. As per the information available, Odisha produced 16.38 lakh ton of Sweet potato in 2016-17. Sweet Potato flour finds its use in Food Processing Industries. The proposed unit will be first of its kind in the state.
The fifth investment proposal approved by the SLSWCA was that of a Kolkata-based company which will invest Rs 62.1 crore to establish an integrated cold chain service unit at the seafood park at Deras in Khordha district. The project will have employment potential for 250 people.
With the objective of attracting 2.5 lakh crore of fresh investments and generating 30 lakh job opportunities as part of Hon’ble CM Shri Naveen Patnaik’s Vision – 2025, the Government of Odisha is diversifying and broadening the state’s industrial development across the focus sectors. Odisha’s investor-friendly policies and the development of world-class infrastructure have received very positive feedback from investors across the country as the State has been able to create an ideal business ecosystem for various sectors to flourish in the state. Over the last 3 years, the State Government has embarked upon the implementation of a Business Reforms Program to make it easier for companies to set up and operate in the state following which Odisha has been recognized as a ‘Leader’ in terms of implementation of business reforms with 92.73% score in the Ease of Doing Business Report of 2016.
ASSOCHAM has ranked Odisha as the No. 1 state in terms of investment implementation rate and the state is consistently ranked amongst the top 3 States in terms of live manufacturing investments in India. Odisha has registered a GSDP growth rate of 7.94 percent in 2016-17, surpassing the national growth rate of 7.1 percent.

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