Bhubaneswar: The biggest investment intent received at the Make in Odisha Conclave 2018, the biennial flagship global investors’ meet held in November last year, has taken a major step forward in implementation.
The High Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik accorded approval to the proposal submitted by Haldia Petrochemicals Ltd (HPL) to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) at a total investment of Rs 28,700 crore near Subarnarekha Port in Balasore district.
The investment proposal was submitted by the Bengal-based company on March 1, 2019.
The land requirement for the project is 2000 acres which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL). The land for the project has been identified in the vicinity of the upcoming Subarnarekha Port.
The port is expected to be built at an investment of Rs 5,000 crore and will create employment opportunities for 12,000 people. The first phase of the Haldia Petrochemicals project approved today is expected to be operationalised within five years of allotment of land.
Haldia Petrochemicals Ltd is one of the largest petrochemical companies in India, incorporated in September, 1985.
In addition to Haldia Petrochemicals, the HLCA also approved the proposal of Indian Oil Corporation Limited to set up a polyester products manufacturing unit of 300 KTPA capacity at the textiles park coming up at Bhadrak district at an investment of Rs 1,970.52 crore. The project will create employment opportunities for 209 people and is expected to be implemented within four years of land allotment.
The HLCA also approved two proposals of Rungta Mines Limited. The first proposal was for the expansion of its 5 X 100 TPD sponge iron plant to 0.53 MTPA integrated steel plant at Karakolha in Keonjhar district. The expansion would entail investment of Rs 1,677.98 crore and will create about 1100 employment opportunities. The second proposal by the company was for setting up an integrated steel plant of 0.53 MTPA capacity at Karakhendra in Keonjhar district at an investment of Rs 1,848.69 crore. The employment potential for this project is 943.