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Odisha Cabinet approves financial assistance for development of mega Aluminum Park in Angul

18/05/2022 at 7:47 PM

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Bhubaneswar, May 18: The State Cabinet approved the new scheme called ‘Financial Assistance for development of Mega Aluminium Park at Angul’ to be executed through IDCO to develop Mega Aluminium Park at Angul.

Considering the present scenario of industrialization in other states, the State needs to provide developed land at a competitive price with world class infrastructure in order to attract entrepreneurs to set up their units in the upcoming Industrial Parks.

This is only possible if State Government provides necessary budgetary support for development of Mega Aluminium Park, so that the land rates are attractive and comparable with other competing states. The development of above new Industrial Estate has been kept under focus sector as per Vision 2025 and being monitored under 5T Framework regularly

State Government will extend gross financial assistance of Rs 428.95 crore to develop Mega Aluminium Park (Including land acquisition). The target date of completion of the Park is three years

Taking note of the above, the State Cabinet today approved the new Scheme “Financial Assistance for development of Mega Aluminium Park at Angul” and budgetary support of Rs 428.95 Crore (from the period 2021-22 to 2023-24) to IDCO under the said scheme.

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