Particulars of Organization, Functions & Duties
[Section-4 (1) (b) (i)]
1) History & Background of the Organization:
Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL) was incorporated on April 12, 1973 by Govt. of Odisha to promote medium and large Scale Industries in the State by providing necessary Support Services including equity Participation and Long Term Financial Assistance.
During the last 35 Years, IPICOL has been associated with more than 285 units in the State in the various sectors generating an Investment of over Rs.3700 Crore and creating employment opportunity for about 40,000 people
2) The activities and achievement of IPICOL are as follows:
i) Acting as Single Window Contact for all information related to setting up of large and medium industries in the State.
ii) Operating the State incentive schemes to large and medium industries under the Industrial Policy of the Government.
iii) Providing and managing database and consultancy for preparation of project reports.
iv) Identifying and listing potential investment opportunities for the State.
v) Providing finance for projects in the form of term loans/ Equity Investment/ Equipment finance etc.
vi) Organizing seminars, campaigns, road shows and investors meet in different cities of India and abroad.
vii) Assistance in technology sourcing and for technology up gradation.
viii) Providing merchant banking services.
ix) Providing financial and management support for revival of sick but potentially viable industrial units.
x) Assisting development of theme Industrial Parks/Industrial Estates, mega infrastructure projects, Special Economic Zone etc.
xi) Financial assistance by IPICOL has contributed to a total investment of Rs.3750.00 crores covering a wide range of products like Pig Iron, Sponge Iron, High Speed Steel, Aluminium Extrusions, Aluminium Powder, Aluminium Rolled Products, Cement, Textile, Paper, Industrial Gases, Synthetic Fibres, Granite, Refractory etc.
xii) Generated direct employment for more than 37000 persons through these industries Played a significant role in dispersal of industries in backward areas.
xiii) Attracted several large houses like Tata's, NICCO, INDAL, Dalmia's, JK Group, B.K. Birla Group, Ispat Group, Thappar's, Reliance, Oswal etc. to set up their industries in Joint Sector/ Joint Venture within the State.
xiv) Promoted several service industries like Hotels, Printing Press, Film Studios having large employment potential.
xv) Played a significant role in the development of resource based industries in the State, like Sponge Iron, Sugar, Ferro Alloys and Mini-Cement Plants etc.
xvi) IPICOL has identified and prepared project profiles for ancillary and downstream industries to the mega projects.
xvii) IPICOL is closely associated in developing theme Industrial Parks like Aluminium Park at Khurda, Food Processing Park at Khurda and Muniguda and Export Promotion Industrial Park (now INFOCITY) at Bhubaneswar.
xviii) IPICOL organizes Seminars and Investors meet in different cities of India and abroad to attract investors to Odisha.
IPICOL has been designated as the State Level Nodal Agency (SLNA) under section 8 of Odisha Industries (Facilitation) Act, 2004 by Govt. of Odisha, Industries department. Further, as per Industrial Policy Resolution (IPR) 2007 of Govt. of Odisha, IPICOL as the SLNA is supposed to be further strengthened as Investment Promotion Agency (IPA) to function as an effective one stop shop for investors. In view of this, the role of IPICOL as a Financial Institution is likely to undergo a change with more emphasis as promotional agency and facilitator for investors involving several Government departments/ authorities within given parameters of policies. Added to its IPA activities, IPICOL has also been functioning as Technical Secretariat of "Team Odisha" which is a broad institutional frame work of Government engaged in industrial facilitation and investment promotion in all key areas of economic growth.