By Bizodisha Bureau, Bhubaneswar, May 11, 2020: Faced with a piquant situation Odisha government has decided to modify its Industrial Policy Resolution (IPR) keeping an eye to woo investments in post coronavirus outbreak.

Notwithstanding the Covid-19 pandemic, the state government had gone ahead with clearance of fresh investments valued at over Rs 9000 crore. The High-Level Clearance Authority (HLCA) chaired by Chief Minister Naveen Patnaik on april 20 last approved two high-value investments, the proposal by Rungta Mines Ltd to ramp up steelmaking capacity from 0.9 million tonnes per annum (mtpa) to 2.85 mtpa at a cost of Rs 7836.9 crore and Dhunseri Ventures Ltd’s plan to install maleic anhydride manufacturing unit with an investment of Rs 1013.29 crore.

By clearing the major investment proposals, the Naveen Patnaik led government wants to send the message loud and clear that the state is serious about investment in the post coronavirus outbreak. In fact, the state government is working on a new look IPR for 2020 keeping in sync with a changed geopolitical and business environment. The proposed policy is likely to have tax concessions and employment-linked incentives.

Meanwhile, official said, the state government has begun negotiations with willing investors in Japan and South Korea. Two South Korean companies- a chemicals manufacturer and a specialty steelmaker have shown interest to invest in Odisha. The state government has identified two such exclusive enclaves.

In fact, the state government has readied 300 acres of land at Infovalley on Bhubaneswar’s outskirts for Korean companies. At the same time, the state government has identified 1200 acres of encumbrance free land at Dhenkanal for the potential Japanese investments, sources said.

Two South Korean companies- a chemicals manufacturer and a specialty steelmaker have shown interest to invest in Odisha. The state government is also pulling all stops to attract companies contemplating to pivot away their manufacturing bases from China.

The state government also has scheduled a video conference with interested US-based companies on May 12.