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Other States - Orissa Printer Friendly Page   Send this Article to a Friend

Big companies yet to make substantial investments in State

Staff Reporter

BHUBANESWAR: The hype generated around Orissa’s emphatic success to attract investments especially in steel sector appears to have not percolated down to ground.

During the last five years, the time when Orissa government went on agreement signing spree with private companies, investment to the tune of Rs. 23,334 crores was actually grounded against the promise of Rs. 1,98,149 crore that constituted only 11.76 per cent.

Except Bhushan Power and Steel Limited, Bhushan Steel Limited and Jindal Stainless Limited, no significant investment has been made. The big players are yet to make substantial investments.

Main reasons

The reasons could be attributed to State government’s inability to provide land and no concrete assurance of captive iron ore mines to companies. POSCO India Private Limited, which had promised Rs. 51,000 crore of investment, has so far invested Rs. 175 crore.

Land disputes

Global leader Arcelor-Mittal and Indian major Tata Steel are also struggling to execute their project due to land disputes.

The State government claimed that steel companies had provided employment to 15842 persons, of which 11023 are from the State.

The progress is likely to slow down further in the face of global melt down.

However, 17 companies who have entered into memoranda of understanding with State government are sitting over 60 mining leases.

More mines

The companies which have held more than one mines included Rungta Mines Limited, Tata Steel, MGM Steel Ltd and Jindal Steel and Power Limited.

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