The Odisha government has approved 20 major industrial proposals with a cumulative investment of ₹76,611.86 crore, marking a significant milestone for the state's industrial development. According to reports from Business Standard, the High-Level Clearance Authority (HLCA), headed by Chief Minister Mohan Charan Majhi, approved these investments on Wednesday, signalling the state's entry into new sectors including lab-grown diamond manufacturing. The approved projects are expected to generate more than 50,517 jobs across nine districts of the state, with the approvals coming as the BJP government completes two years in office.
For the first time, the High-Level Clearance Authority approved investments in lab-grown diamond manufacturing, with all three projects proposed in Khordha district. As reported by Business Standard, Kira Diam LLP will invest ₹7,000 crore in a diamond manufacturing unit expected to generate 5,100 jobs. Anjali Labtech Limited has proposed an investment of ₹1,617.50 crore, creating 2,000 employment opportunities, while Grow Magnificent Private Limited will invest ₹1,200 crore and generate 1,000 jobs. This represents Odisha's strategic entry into the global gemstone manufacturing sector, with the three cutting-edge lab-grown diamond units in Khordha alone attracting ₹9,817.50 crore and creating 8,100 jobs, positioning the state as an emerging gemstone manufacturing hub.
Steel and allied industries accounted for the largest share of approved investments, with Rashmi Metallurgical Industry Private Limited receiving clearance for a ₹15,000 crore integrated steel plant in Jajpur with a capacity of four million tonnes per annum (mtpa), making it the single largest project approved. According to Business Standard, Shyam Metalics and Energy Limited will invest ₹7,580 crore in a one-million-tonne integrated steel manufacturing facility in Sambalpur, adding 3,500 more jobs. The state also approved investments in rare-earth and critical mineral-based industries, with N A N Magnetech Private Limited receiving approval for a ₹1,250 crore manufacturing unit for high-performance electric vehicle-grade neodymium-iron-boron (NdFeB) magnets. Additionally, World Titanium Industry's ₹2,800 crore Titanium Dioxide project further strengthens Odisha's footprint in strategic materials.
Among green energy projects, Tata Power Renewable Energy Limited secured approval for a ₹10,000 crore facility in Ganjam to manufacture solar ingots, wafers and photovoltaic cells, expected to generate 5,000 jobs. As reported by Business Standard, Saatvik Solar Industries Private Limited will establish a solar photovoltaic cell manufacturing unit with an investment of ₹1,709.81 crore in the same district. In the power sector, Rajapuspa Renova LLP received approval for a ₹5,220 crore pumped-storage hydroelectric project in Malkangiri, while KU Urja Private Limited will invest ₹2,471.98 crore in a coal-based thermal power plant in Jharsuguda. The green energy equipment manufacturing received a massive push with these comprehensive approvals.
Chief Minister Majhi highlighted the diversification of investment proposals, stating that this time they included emerging sectors such as lab-grown diamonds, green energy equipment, rare-earth mineral value addition, advanced materials and renewable energy alongside traditional sectors. According to Business Standard, the approvals come as the BJP government in Odisha completes two years in office, with the Chief Minister noting that the investment proposals reflected growing investor confidence in the state. The 20 approved projects span multiple sectors including pharmaceuticals, where Nectar Lifesciences Limited received approval for a ₹1,170 crore manufacturing facility in Sambalpur. Expansions by SMC Power Generation and new entries like Ratnamani Metals, Jupiter Wagons (railway coaches), and Nectar Lifesciences (pharma) round out a highly diversified portfolio that spans Gemstones, Green Energy, Aerospace & Defence, Rare Earths, Pharmaceuticals, Capital Goods, Chemicals, Steel, and Renewable Energy.
