The system is likely to move further northeastwards along and off north Andhra Pradesh and Odisha coast and intensify into a severe cyclonic storm in next 24 hours, the meteorological centre said.
The SEZ, which is a 100 percent subsidiary of Tata Steel, has received clearance from Odisha government for setting up an industrial park.
"We have submitted a fresh compensation package to Odisha government. The package will be announced after the government gives its go-ahead," Vice-president of the project Arun Mishra said yesterday.
The Meteorological Department on Saturday said that cyclone Phailin could make landfall at Andhra, Odisha coast between 6 and 8 PM.
IMD, which till last night expected that the wind speed would remain limited within 185 kmph during landfall on Saturday, said in its latest bulletin that Phailin would hit with increased intensity with a maximum sustained speed of 205-215 kmph.
An alert was sounded along the Odisha coast today with warnings issued to fishermen and people following the massive earthquake off Sumatra coast.