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Adani, Tata Steel and Essar group pledge to invest extensively in this state: 10 points

Various industry leaders promised massive investment in the state

The ‘Make in Odisha Conclave 2022’ in Bhubaneswar, an investor summit, is making waves with industry leaders pledging to invest massively in the state during the event.

Here’s your 10-point guide to the story:

  1. The Adani Group, led by Asia’s richest man Gautam Adani, will invest Rs 60,000 crore ($7.39 billion) in the mineral-rich state of Odisha over the next ten years, a top executive said.

  2. In a speech at the investment summit in the state, Karan Adani, chief executive officer of Adani Ports and Special Economic Zones, said the group would commission a liquefied natural gas (LNG) terminal with a capacity of 5 million tonnes at Dhamra port this month. And there are plans to double this capacity in the next five years.

  3. Mr. Adani said, “Our continued commitment to Odisha is reflected in our planned capital investment which will exceed Rs 60,000 crore over the next ten years. I expect this to create thousands of direct and indirect jobs.”

  4. According to TV Narendran, MD and CEO of Tata Steel, the company will continue to invest in Odisha, which has 25 per cent of India’s steelmaking capacity, and has received over Rs 75,000 crore in investments. Mr. Narendran said, “Tata group companies, and Tata Steel in particular, have invested over Rs 75,000 crore in Odisha in the last five years. We will continue to invest in Odisha to support development.”

  5. According to him, Tata Steel has made significant investments in the past few years including the construction of its unit at Kalinganagar in Odisha, including the Neelachal steel facility.

  6. “We plan to double this in the next few years as we expand across all our locations in Odisha. Odisha today accounts for a quarter of the steel capacity in the country,” said Mr. Narendran, the largest producer of steel in Odisha. The largest producer, Tata Steel, produces about 9 million tonnes of steel every year.

  7. According to Prashant Ruia, director, Essar Capital, the business will invest around Rs 52,000 crore in Odisha, which includes a 14 MT pellet plant and a 7.5 MT crude-to-petrochemical unit.

  8. “Essar plans to set up several projects in Odisha. A 14 MTPA pelletizing complex, comprising an iron ore fine beneficiation plant, a pellet plant and a 250 km slurry pipeline, at an investment of Rs 12,000 crore. 7.5 MTPA for a petrochemical complex There is also a proposal for crude oil (CTC) involving an investment of about Rs 40,000 crore,” Mr Ruia said at the ‘Make in Odisha Conclave 2022’ in Bhubaneswar.

  9. According to him, the company is looking to set up a CTC in collaboration with an international player.

  10. Mr. Ruia said that his company is making major investments in the energy, mining and metals sectors in Odisha. He claimed that Odisha is experiencing double digit growth and a phenomenal industrial and social development.

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