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Odisha has made significant investments in green energy and renewable energy equipment for the first time.
Investment intentions of around Rs 1.91 trillion have come from the renewable sector, including a memorandum of understanding (MoU) from ReNew Power for Rs 45,000 crore announced on Thursday. Avaada, Waaree, among others are investments, Hemant Sharma, Principal Secretary, Industries Department, Odisha, said.
“This is the first time we have received investment from the renewables sector,” Sharma said. Till Friday, the second day of the Make in Odisha conference, the total investment target was about Rs 8.9 trillion.
Sharma said on Friday, the state received 180 investment intent forms (IIFs) across the sector. IIFs are worth Rs 1.7 trillion and have the potential to create jobs for 378,446.
He added that over the past two days, the total number of investment intentions received was 325, which received 145 on Thursday and 180 on Friday.
Tata Power CEO and MD Praveer Sinha has announced an investment of Rs 6,000 crore by the company in Odisha in the next five years.
In steel, JSW Group Chairman and Managing Director, Sajjan Jindal, has pledged an additional Rs 1 trillion in the state.
ArcelorMittal Nippon Steel India (AM/NS India) is also looking for more investment, it is understood.
Odisha being rich in minerals has an inherent advantage in attracting investment from the steel and metal sector. According to the annual report of the Ministry of Mines 2021-2022, Odisha has a share of 47.2 percent in the mineral production of the country.
“Steel and other sectors will continue to invest. Before we can provide land, water and energy, the previous investment will be effective. The company is very enthusiastic about setting up the facility. But there is a concerted effort to attract investment from the non-mineral and non-metallic sectors,” Sharma said.
But there are links even with investments in green energy and metals. “These companies see the future in the decarbonisation of metal companies. There is a business case and we need to motivate them,” said Sharma.
(With inputs from PTI)
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