Adani Group to infuse ₹60,000 cr in Odisha in next 10 years


Business tycoon Gautam Adani-led Adani Group is all set to invest 60,000 crores ($7.39 billion) in a span of next 10 years in the mineral-rich state of Odisha, reported Reuters on 1 December.

According to the report, Adani Group will commission a liquefied natural gas (LNG) terminal with 5 million tons of capacity in Dhamra port in the state in December.

The firm is also planning to double this capacity within the next five years, said Adani Ports and Special Economic Zone CEO Karan Adani in a speech during an investment summit in the state.

“Our continuing commitment to Odisha is showcased in our planned capital investment that will exceed 60,000 Cr over the next ten years. I anticipate this will create tens of thousands of direct and indirect jobs,” Adani said in his speech.

ALSO READ: Adani Group to remodel Dharavi: All about the 20,000-cr long-delayed project

Earlier in September, Gautam Adani had said that his firm would invest more than $100 billion over the next decade, with 70% earmarked for the energy transition space.

Meanwhile, Tata Steel MD & CEO T V Narendran also announced to continue to invest in the state which has 25 per cent of India’s total steel making capacity. It has already made investments of over 75,000 crore in Odisha.

Narendran made the remarks at the ‘Make in Odisha Conclave 2022’ in Bhubaneswar.

“The Tata group of companies, and more specifically Tata Steel, has invested over 75,000 crore in Odisha in the last five years. We will continue to invest to support the growth in Odisha,” news agency PTI quoted the official as saying.

Tata Steel in past has built its plant in Kalinganagar and has also acquired several assets which include Neelachal Ispat plant. It is the largest steel manufacturer in Odisha producing about 9 million tonnes of steel annually, said Narendran.

“We plan to double this over the next few years as we expand in all our locations in Odisha. Odisha accounts for 1/4th of the steel capacity in the country today,” he said.

With agency inputs.

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