Lab diamond to rare earth: 20 projects worth Rs 76k-cr cleared
Bhubaneswar: Odisha govt on Wednesday cleared 20 investment proposals worth around Rs 76,612 crore, including three lab-grown diamond manufacturing units and three rare earth projects , with a combined job potential of about 50,500.
The proposals were approved by the chief minister Mohan Charan Majhi-led high-level clearance authority (HLCA), covering projects across nine districts and multiple sectors.
Among the key approvals, three lab-grown diamond units in Khurda — by Kira Diam LLP (Rs 7,000 crore), Anjali Labtech Ltd (Rs 1,617.50 crore) and Grow Magnificent Pvt Ltd (Rs 1,200 crore) — will together bring in Rs 9,817.50 crore investment and generate around 8,100 jobs.
“The approvals reflect growing investor confidence in Odisha and our commitment to employment generation, industrial growth and balanced regional development,” the CM said. Officials said these projects are expected to strengthen Odisha’s footprint in the emerging gemstone manufacturing sector.
The HLCA also cleared major investments in rare earth and critical mineral value addition. NAN Magnetech Pvt Ltd will set up a high-performance EV-grade NdFeB magnet (strongest type of permanent magnets available commercially) unit in Khurda and Cuttack at an investment of Rs 1,250 crore, generating 2,000 jobs. Larsen & Toubro Ltd will invest Rs 2,400 crore in a sintered NdFeB permanent magnet facility in Ganjam , creating another 2,000 jobs. In addition, World Titanium Industry Pvt Ltd will establish a titanium dioxide slag and pigment unit in Ganjam at an investment of Rs 2,800 crore, employing about 1,500 people.
The proposals were approved by the chief minister Mohan Charan Majhi-led high-level clearance authority (HLCA), covering projects across nine districts and multiple sectors.
Among the key approvals, three lab-grown diamond units in Khurda — by Kira Diam LLP (Rs 7,000 crore), Anjali Labtech Ltd (Rs 1,617.50 crore) and Grow Magnificent Pvt Ltd (Rs 1,200 crore) — will together bring in Rs 9,817.50 crore investment and generate around 8,100 jobs.
“The approvals reflect growing investor confidence in Odisha and our commitment to employment generation, industrial growth and balanced regional development,” the CM said. Officials said these projects are expected to strengthen Odisha’s footprint in the emerging gemstone manufacturing sector.
The HLCA also cleared major investments in rare earth and critical mineral value addition. NAN Magnetech Pvt Ltd will set up a high-performance EV-grade NdFeB magnet (strongest type of permanent magnets available commercially) unit in Khurda and Cuttack at an investment of Rs 1,250 crore, generating 2,000 jobs. Larsen & Toubro Ltd will invest Rs 2,400 crore in a sintered NdFeB permanent magnet facility in Ganjam , creating another 2,000 jobs. In addition, World Titanium Industry Pvt Ltd will establish a titanium dioxide slag and pigment unit in Ganjam at an investment of Rs 2,800 crore, employing about 1,500 people.
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