Adani, Tata Steel And Essar Group Pledge Massive Investments In This State: 10 Points

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Adani, Tata Steel And Essar Group Pledge Massive Investments In This State: 10 Points

Various industry leaders pledged massive investments in this state

The ‘Make in Odisha Conclave 2022’ in Bhubaneswar, an investors summit is making waves with a slew of industry leaders pledging massive investments in the state during the event.

Here Is Your 10-Point Guide To The Story:

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

  2. In a speech at the investment summit in the state, Karan Adani, chief executive officer of Adani Ports and Special Economic Zone, stated that the group will commission a liquefied natural gas (LNG) terminal with a 5 million tonne capacity in Dhamra port this month and plans to double this capacity within the next five years.

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

  4. According to Tata Steel’s MD & CEO T V Narendran, the company would continue to invest in Odisha, which has 25 per cent of all of India’s steel manufacturing capacity and has received over Rs 75,000 crore in investments. “The Tata group of companies, and more specifically Tata Steel, has invested over Rs 75,000 crore in Odisha in the last five years. We will continue to invest to support the growth in Odisha,” said Mr Narendran.

  5. According to him, Tata Steel has made significant investments in Odisha over the past few years, including the Neelachal Ispat facility in addition to building its unit in Kalinganagar.

  6. “We plan to double this over the next few years as we expand in all our locations in Odisha. Odisha accounts for 1/4th of the steel capacity in the country today,” added Mr Narendran, citing that the largest producer of steel in Odisha, Tata Steel, produces roughly 9 million tonnes of steel each year.

  7. According to Essar Capital’s Director Prashant Ruia, the business will invest roughly Rs 52,000 crore in Odisha to build a number of projects, including 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 at an investment of Rs 12,000 crore, comprising an iron ore fines beneficiation plant, a pellet plant and 250 km slurry pipeline. Also proposes a 7.5 MTPA crude to petrochemical complex (CTC) involving about Rs 40,000 crore investment,” Mr Ruia said at ‘Make in Odisha Conclave 2022’ in Bhubaneswar.

  9. According to him, the company seeks to establish the CTC in collaboration with an international player.

  10. Mr Ruia added that his company is making large investments in Odisha in the energy, mining, and metals sectors. He claimed that Odisha is experiencing double-digit growth and an amazing industrial and social development.

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