Bhubaneswar, August 19 (LocalWire): The state government today approved five investment proposals worth Rs 2,04,069 crores at a high level clearance authority (HLCA) meeting chaired by Chief Minister Naveen Patnaik.
This is the highest-ever investment approved by the HLCA till date.
These proposals approved in chemicals, petrochemicals and metal downstream sectors will generate employment opportunities for 27,645 people, said officials.
In the petrochemical sector, HLCA gave its nod to two giants to set up projects in the state.
M/s Haldia Petrochemicals Ltd (HPL) has proposed to set up a hydrocarbon processing complex comprising light crude oil refinery, aromatics complex and ethylene cracker complex near the proposed Subarnarekha port, in Balasore district with a total investment of Rs. 78,225.00 crores, providing job opportunities for around 10,000 people.
Another proposal was by the petrochemical major, Indian Oil Corporation Limited (IOCL) to expand its existing refinery unit from 15 MMTPA to 25 MMTPA, and setting up a petrochemical complex comprising a dual feed cracker, Naphtha cracker and petcoke gasification plant at Paradip in Jagatsinghpur district with a total investment of Rs.1,00,300 crores, employing around 12,595 people.
The project will ensure the availability of building block feedstock to ancillary and downstream units in the chemical and petrochemical sector.
IOCL plans to set up 1.2 MMTPA capacity PX-PTA (Purified Terephthalic Acid complex) with an investment of Rs 9,136 crores in its existing Paradip refinery, employing around 3,200 people. The proposal was approved in the meeting.
These would not only make the state a petrochemical hub, propelling growth of downstream petrochemical units in state, but also make Odisha, the energy gateway of the East. Since both the projects were port-based, it would also facilitate export and import trading.
In the metal downstream sector, the HLCA approved the proposal of Jindal (India) Limited to set up a cold rolling complex of 0.50 MTPA and steel processing plant at Kalinga Nagar Industrial Complex in Jajpur district, with a total investment of Rs. 1,676 crores, providing employment to about 1,300 people.
Talcher Fertilizer Limited proposed to set up a coal-based urea fertilizer complex of 1.99 MMTPA capacity at Talcher with an investment of Rs. 14,732 crores, employing around 550 people which was also approved.