Odisha Government Approves Major Investment Proposals
Bhubaneswar: The Odisha government on Wednesday cleared 20 investment proposals worth approximately Rs 76,612 crore, including three lab-grown diamond manufacturing units and three rare earth projects, with a combined job potential of about 50,500. The proposals were approved by the chief minister Mohan Charan Majhi-led high-level clearance authority (HLCA), covering projects across nine districts and multiple sectors.
Key Approvals in Diamond and Rare Earth Sectors
Among the key approvals, three lab-grown diamond units in Khurda — by Kira Diam LLP (Rs 7,000 crore), Anjali Labtech Ltd (Rs 1,617.50 crore) and Grow Magnificent Pvt Ltd (Rs 1,200 crore) — will together bring in Rs 9,817.50 crore investment and generate around 8,100 jobs. “The approvals reflect growing investor confidence in Odisha and our commitment to employment generation, industrial growth and balanced regional development,” the CM said. Officials said these projects are expected to strengthen Odisha’s footprint in the emerging gemstone manufacturing sector.
The HLCA also cleared major investments in rare earth and critical mineral value addition. NAN Magnetech Pvt Ltd will set up a high-performance EV-grade NdFeB magnet unit in Khurda and Cuttack at an investment of Rs 1,250 crore, generating 2,000 jobs. Larsen & Toubro Ltd will invest Rs 2,400 crore in a sintered NdFeB permanent magnet facility in Ganjam, creating another 2,000 jobs. In addition, World Titanium Industry Pvt Ltd will establish a titanium dioxide slag and pigment unit in Ganjam at an investment of Rs 2,800 crore, employing about 1,500 people.
Green Energy and Steel Projects
In the green energy segment, Tata Power Renewable Energy Ltd will invest Rs 10,000 crore in a solar PV manufacturing unit in Ganjam, generating 5,000 jobs, while Saatvik Solar Industries Pvt Ltd will set up a solar cell facility in the same district at an investment of Rs 1,709.81 crore, creating 519 jobs. The steel and metals sector accounted for a significant share of investments. Rashmi Metallurgical Industry Pvt Ltd will set up a 4 MTPA integrated steel plant in Jajpur at an investment of Rs 15,000 crore, generating 11,000 jobs. Shyam Metalics and Energy Ltd will invest Rs 7,580 crore in a 1 MTPA unit in Sambalpur, creating 3,500 jobs.
Expansion and Other Notable Projects
Expansion projects by SMC Power Generation Ltd in Jharsuguda (Badmal and Hirma) together involve over Rs 9,100 crore investment and 4,000 jobs. BR Steel & Power Pvt Ltd and Orissa Alloy Steel Pvt Ltd will also set up units in Sambalpur and Sundargarh, respectively. Other notable projects include an integrated specialty steel unit by Ratnamani Metals and Tubes Ltd in Jajpur (Rs 1,642 crore), a pharmaceutical unit by Nectar Lifesciences Ltd in Sambalpur (Rs 1,170 crore), and a railway coach manufacturing facility by Jupiter Wagons Ltd in Jajpur (Rs 1,500 crore), each contributing to employment generation.
