Why Adani, Vedanta, JSW and others are making a beeline for Odisha

Gautam Adani

Indian Market
by 5paisa Research Team Last Updated: 2022-12-11T20:57:03+05:30

Odisha, it seems, is the new Gujarat. The state has been receiving investment offers from India’s top industrial groups for setting up big ticket projects. 

How much money has been pledged by investors so far?

Citing the Odisha government, NDTV said in a report that the current edition of the state sponsored business summit ‘Make in Odisha’ has generated 145 investment offers valued more than Rs 7.26 lakh crore. According to Hemant Sharma, the Industry Secretary for Odisha, if the investment plans are carried out, more than 3.20 lakh people will have access to jobs.

Which companies have pledged investments so far?

Representatives from several corporate houses, including LN Mittal, Anil Agarwal, Sajjan Jindal, TV Narendran, Naveen Jindal, Karan Adani, and Praveer Sinha, as well as delegations from 11 nations, attended the third edition of the business summit.

How much investment has each one of them committed?

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.

"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 Karan Adani, Chief Executive Officer of Adani Ports and Special Economic Zone, according to the NDTV report.

The JSW Group alone committed an investment of Rs 1 lakh crore in the state, an official said.

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 Narendran.

ArcelorMittal Executive Chairman Lakshmi Niwas Mittal announced during the plenary session of the conclave a 24-million-ton facility in Odisha in a JV (joint venture) with Nippon Steel.

Anil Agarwal, the Chairman of Vedanta Ltd, said that his company is the largest investor in Odisha with a total investment of Rs 80,000 crore and plans to add another Rs 25,000 crore to the proposed Jharsuguda aluminium park. 

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