Odisha bags ₹8.9-trn investment intent
Odisha has seen major investment intent in green energy and renewable energy equipment for the first time.
About ~1.91 trillion investment intent has come in from the renewables sector, including a memorandum of understanding (MOU) from Renew Power for ~45,000 crore announced on Thursday. Avaada, Waaree, among others were also investing, Hemant Sharma, principal secretary, industries department, Odisha, said.
“This is for the first time that we have got major investment (intent) from the renewables segment,” said Sharma. Till Friday, the second day of the Make in Odisha conclave, the total investment intent bagged was about ~8.9 trillion.
On Friday, the state received 180 investment intent forms (IIFS) across sectors, said Sharma. The IIFS were worth ~1.7 trillion and has the potential to create employment for 378,446.
He added that over the last two days, the total number of investment intents received were 325, with 145 received on Thursday and 180 on Friday.
Tata Power CEO and MD Praveer Sinha has announced a ~6,000-crore capital investment by the company in Odisha in the next five years.
In steel, JSW group chairman and managing director, Sajjan Jindal, has committed an additional ~1 trillion in the state.
Arcelormittal Nippon Steel India (AM/NS India) is also looking at additional investment, it is understood.
Odisha being rich in minerals has an inherent advantage in attracting investment from the steel and metal sectors. According to the ministry of mines annual report 2021-2022, Odisha had a 47.2 per cent share in the country’s mineral production.
“Steel and other sectors will continue to invest. The earlier we are able to give land, water and power, the earlier those investments will materialise. Companies are very keen on setting up facilities. But there was a concerted effort to attract investment from non-mineral and non-metal sectors,” Sharma said.
But there is a link even with the investment in green energy and metals. “These companies see a future in decarbonisation of metal companies. There is a business case and we need to incentivize them,” Sharma said.