From Green Energy to Steel: Odisha Approves Mega Investment Plans Creating 50,000+ Jobs

Bhubaneswar: Signalling Odisha’s continued push to position itself as a major manufacturing and investment hub, the state government on Wednesday approved 20 industrial projects worth ₹76,611.86 crore that are projected to generate more than 50,500 employment opportunities across nine districts.

The approvals were granted during the 45th meeting of the High-Level Clearance Authority (HLCA), chaired by Chief Minister Mohan Majhi. The investment portfolio spans both established and emerging sectors including steel, renewable energy, pharmaceuticals, advanced materials, gemstone manufacturing and critical minerals.

Chief Minister Majhi said the approvals reflect growing investor confidence in Odisha’s industrial ecosystem and highlighted the state’s focus on creating jobs, accelerating economic activity and ensuring balanced regional development. He noted that policy support, infrastructure expansion and ease of doing business reforms have helped strengthen Odisha’s position among leading investment destinations in the country.

A major highlight of the approved proposals is the state’s push into high-value manufacturing through lab-grown diamonds and gemstones. Three companies—Kira Diam LLP, Anjali Labtech Limited and Grow Magnificent Private Limited—received approval to establish units in Khurda with a combined investment of ₹9,817.50 crore. The projects are expected to generate around 8,100 jobs and expand Odisha’s footprint in the gem and jewellery sector.

The renewable energy segment emerged as another major investment driver. Tata Power Renewable Energy Limited received approval to establish an integrated ingot, wafer and Solar PV Cell manufacturing facility in Ganjam with an investment of ₹10,000 crore, creating an estimated 5,000 jobs. Another solar manufacturing proposal by Saatvik Solar Industries Private Limited involving ₹1,709.81 crore was also cleared for the district.

Odisha’s strategy to build capacity in critical minerals and advanced manufacturing was reflected in approvals for rare earth and high-tech material projects. These include NAN Magnetech Pvt Ltd’s EV-grade NdFeB magnet manufacturing unit in Khurda/Cuttack and Larsen & Toubro Limited’s permanent magnet facility in Ganjam. World Titanium Industry Pvt Ltd also secured approval for a titanium dioxide slag and pigment manufacturing project in Ganjam.

Steel remained the largest contributor to the investment pipeline. Rashmi Metallurgical Industry Pvt Ltd secured approval for a ₹15,000-crore integrated steel plant in Jajpur with a production capacity of 4 MTPA and potential to generate around 11,000 jobs. Additional investments were approved for projects proposed by Shyam Metalics and Energy Limited, SMC Power Generation and BR Steel & Power.

Other notable approvals include Ratnamani Metals and Tubes’ integrated specialty steel project in Jajpur, Nectar Lifesciences’ pharmaceutical manufacturing unit in Sambalpur, Jupiter Wagons’ railway coach manufacturing facility and Rajapuspa Renova’s pumped storage hydropower project in Malkangiri.

The latest approvals underline Odisha’s broader strategy of expanding industrial activity beyond traditional sectors while attracting investments in future-oriented industries to drive employment, regional development and long-term economic growth.