Utkarsh Odisha: Balancing niche investment with the traditional

At least 12 MoUs signed in the steel segment are in ductile iron pipe manufacturing, casting or forging units and not limited to sponge iron.
Utkarsh Odisha Conclave 2025
Utkarsh Odisha Conclave 2025 (Photo | Express)
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BHUBANESWAR: Odisha is gradually shifting away from its traditional metal and mineral-based industrialisation focus, with new investors from niche sectors stepping forward to establish their presence in the state.

The two-day Utkarsh Odisha Conclave 2025 saw more than 50 per cent of the Rs 12.89 lakh crore investment commitments from the non-metal and mineral sectors. At least 12 MoUs signed in the steel segment are in ductile iron pipe manufacturing, casting or forging units and not limited to sponge iron.

New investments in sectors like renewable energy, green energy equipment, biotechnology, IT, semiconductor, aerospace and defence, wood-based and technical textile also marked a significant shift from Odisha’s reliance on mining and metallurgy, paving the way for a more diversified and sustainable industrial future.

Although 48 MoUs worth around Rs 6.22 lakh crore have been inked in minerals, metals, metal ancillary and downstream sector, the rest 97 MoUs of around Rs 6.66 lakh crore are from power, green energy, chemicals, petrochemicals, plastics, general manufacturing, biotechnology, IT, green energy equipment, apparel and technical textile, agri-based, food processing, wood and forest-based sectors.

Additional chief secretary of Industries department Hemant Sharma said investors from several niche segments have come forward to set up shops in the state and not just those with interests in metals and minerals.

“We have been very selective in accepting the proposals and the target was to have diversification besides the renewed focus on MSMEs. Though the bulk of the investment is still in mineral and metallurgy sector, we have been able to add reasonable numbers, not in terms of amount, but in terms of new companies and segments,” he said.

Texmaco Rail and Engineering Ltd proposes to set up a wagon equipment manufacturing unit, Jupiter Wagons is interested in a rail wheel manufacturing unit while Premium Transmission is looking to set up a gears manufacturing unit.

“These are new companies which had no presence in Odisha. The next big segment is chemicals and petrochemicals. Epigral Limited has signed an MoU. Indorama Ventures has expressed its investment intent and is in the advanced stage of discussion for the MoU at the earliest. MCPI Ltd has also come along with MCD, which is keen to buy the petchems from IOCL and do further value addition,” Sharma informed.

In terms of global investment, along with Singapore, which has already signed eight MoUs, Malaysia has also shown interest in setting up a dedicated industrial park focused on electronics. A business delegation has come here and an MoU is likely to be signed in next two months.

New shift

TRADITIONAL SECTORS

48 MoUs in minerals, metals, metal ancillary and downstream sector

Investment intent: Rs 6.22 lakh crore

NON METAL

97 MoUs in power, green energy, chemicals, petrochemicals, plastics, biotechnology, IT, green energy equipment, food processing, wood and forest-based sectors

  • Investment intent: Rs 6.66 lakh crore

  • Renewable and green energy - Rs 4.25 lakh cr

  • Chemicals, petro-chem and plastics - Rs 78,803 cr

  • Logistics and infra - Rs 62,645 cr

  • Green energy equipment - Rs 25,589 cr

  • Textile and apparel - Rs 7,002 cr

  • General manufacturing - Rs 5,531 cr

  • Biotech and Pharma - Rs 4,750 cr

  • Engineering goods - Rs 3,500

  • Aerospace and defence - Rs 2,349 cr

  • Agro-based and food processing - Rs 1,742 cr

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