Odisha's CM Naveen Patnaik Announced Investments of Over 1800 Cr on 15 Industries

Odisha Chief Minister Naveen Patnaik launched a groundbreaking program for 15 industrial units which will collectively invest Rs 1807.92 crore in the state. The projects will create employment opportunities for 8,883 people.

He also launched the Odisha Aerospace and Defence Manufacturing Policy-2018, which aims for the promotion of aerospace and defence manufacturing enterprises.

Of the 15 projects, Ultratech Cement will set up a cement grinding unit with an investment of Rs 737 crore in Cuttack while Chettinad Cement will set up a cement plant in Jajpur with Rs 231.84 crore investment.

Welspun Orissa will set up an industrial park in Bhadrak district with an investment of Rs 300 crore. Surya Foods will invest Rs 108.99 crore for a biscuit manufacturing unit in Khurdha while P&A Bottlers Pvt Ltd will set up a brewing industry in Dhenkanal with Rs 102 crore investment.

"I am pleased to note that we are grounding the industrial projects at a fast pace. I am particularly happy to note that the private industrial park policy of my government has seen good response from the investor community," said the Chief Minister.

"In less than one year, we have done the ground breaking or inauguration of 64 projects which have created employment opportunities for more than 30,000 youth. This has only reaffirmed our position as the number one state in implementation of live manufacturing investments."

In addition, for the first three OEMs setting up manufacturing units in the state, interest subsidy will be allowed up to a limit of Rs 10 crore per annum and Rs 5 crore per annum, based on investment in plant and machinery for an amount of more than Rs 500 crore and between Rs 100 crore to Rs 500 crore, respectively.