Shri Das highlighted that India’s renewable energy expansion requires interventions across generation, manufacturing, financing, and workforce skilling to achieve its 500 GW target by 2030. With an estimated ₹30-32 lakh crore investment needed, policies to attract global funds, expand green bonds, and empower NBFCs like IREDA are essential.

He emphasized that stated that with the right mix of infrastructure, investment, and policy support, Odisha can establish itself as a leader in India’s renewable energy landscape. Odisha currently has an installed RE capacity of 2.94 GW, with a target of 10 GW by 2030. He highlighted the state’s geographical advantage, strong industrial base, and policy support as key drivers for attracting large-scale investments in solar, wind, hydro, and green hydrogen initiatives.

IREDA’s financial interventions in Odisha have been significant, with a loan book exceeding ₹1,540 crore for Odisha-based projects as of Q3 FY25. With cumulative loan sanction of ₹4,315 crore for renewable projects, with 77% of these sanctions issued since FY20 and cumulative disbursements exceeding ₹2,146 crore, IREDA is committed to financing Odisha’s renewable energy transition by bridging financing gaps, promoting green investments, and ensuring the rapid deployment of clean energy projects.

Shri Kanak Vardhan Singh Deo, Hon’ble Deputy Chief Minister of Odisha in his address assured policy reforms and necessary support to position Odisha as a leader in the green energy transition. Shri Vishal Kumar Dev, Principal Secretary (Energy), Odisha also graced the session.

The session concluded with key takeaways, including an expected ₹3.3 lakh crore investment by RE developers in Odisha’s renewable energy sector and major announcements on manufacturing projects and green ammonia production facilities with a capacity of approximately 7 MMTPA.

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~ Over the last decade, Odisha has emerged as Tata Steel’s single largest investment destination in the country ~

Bengaluru, January 28, 2025: Tata Steel today reaffirmed its long-term commitment to be a significant partner in Odisha’s growth story by showcasing its investments and outcomes at the Utkarsh Odisha 2025 Conclave, a two-day mega event in Bhubaneswar, Odisha.

Tata Steel has set up a dedicated pavilion at the ‘Utkarsh Odisha – Make in Odisha Conclave 2025’, showcasing its pioneering efforts in innovation, sustainability, and socio-economic development. The pavilion highlights Tata Steel’s initiatives in advanced manufacturing, infrastructure development for green industries at the Gopalpur Industrial Park, features and expansion plans for Subarnarekha port, and the Company’s contributions to the ‘Make in India’ vision. Tata Consultancy Services (TCS) also showcased its story in the pavilion.

T V Narendran, CEO and Managing Director, Tata Steel, said: “In the last decade, Tata Steel has made around $10 billion of investment in Odisha. We have not only built a new steel plant from scratch in Kalinganagar but also acquired and turned around assets like Neelachal Ispat and Bhushan Steel, contributing to our 11 million tonnes capacity in the state. We expect to add another 10 million tonnes over the next decade. Odisha’s geological richness, large coastline, committed workforce, and ever-supportive government have made the state Tata Steel’s largest investment destination in India.”

Tata Steel’s participation in the mega event comes at a time when the Company is pushing ahead with its Phase II of expansion at its Kalinganagar operations. The Kalinganagar plant in Jajpur district, commissioned in 2015-16 with an initial capacity of 3 MTPA, is undergoing a ₹27,000 crore expansion to increase capacity to 8 MTPA. This expansion, expected to generate ~8,000 jobs, will enable Tata Steel to manufacture high-quality Advanced High Strength Steels (AHSS) for the Indian automotive market, significantly reducing the nation’s reliance on imports.

Tata Steel’s recent investments in Odisha also include the acquisition and restarting of Neelachal Ispat Nigam Limited (NINL) plant in 2022. Further, the Meramandali plant in Dhenkanal district, acquired in 2018, is also a significant asset in the Company’s manufacturing portfolio. Formerly Bhushan Steel, this facility currently produces 5.6 MTPA. Tata Steel is currently working on the next phase of expansion at its Kalinganagar plant, Meramandali plant, and NINL unit.

Tata Steel’s Industrial Park at Gopalpur, Ganjam, is making strides in onboarding new industries. The Park has attracted investments worth ~32,000 Crores, majorly in the renewable sector including green hydrogen and solar cell & module manufacturing. Tata Steel’s Ore, Mines & Quarries (OMQ) Division continues to drive innovation and sustainability in mining.

Tata Steel recognises the importance of giving back to the communities in which it operates. The Tata Steel Foundation has undertaken numerous initiatives across 27 of Odisha’s 30 districts, focusing on education, healthcare, and livelihood development. These programmes have positively impacted 2.38 million lives in surrounding areas in FY24 alone. The Company also supports sports development, including its Odisha Naval Tata Hockey High-Performance Centre in Bhubaneswar and grassroots programmes reaching over 9,100 children and youth. Together with the Tata Archery Academy and Tata Steel Adventure Foundation, Tata Steel provides high-performance sports training across multiple disciplines.

The post Tata Steel reaffirms its commitment to Odisha’s growth story at Utkarsh Odisha 2025 Conclave appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.