BHUBANESWAR: The state government on Tuesday signed a series of high-value MoUs entailing investments to the tune of `98,880 crore with leading industry players of the country. The proposals have a potential to create employment for more than 67,000 people.
Overall, 13 MoUs were signed and 15 investment intents were received during the two-day Odisha Investors’ meet. These investment proposals are worth `1,03,090 crore and promise employment opportunities for around 95,915 people.
On the second day of his visit to the national capital for attracting investments to Odisha, Chief Minister Mohan Charan Majhi held several rounds of one-on-one discussions with top industry captains. The highlight of the second day was the agreement with Indian Oil Corporation Ltd (IOCL) for setting up a dual-feed naphtha cracker project at Paradip in Jagatsinghpur district with an investment of Rs 58,042 crore.
The state also entered into an agreement with the Indian Strategic Petroleum Reserves Ltd (ISPRL) for a crude oil storage facility at Chandikhol in Jajpur district and Petronet LNG to develop a LNG terminal at Gopalpur in Ganjam district.
These MoUs were signed in the presence of Majhi, Union ministers Hardeep Singh Puri, Dharmendra Pradhan and Jual Oram, and state Industries minister Sampad Chandra Swain.
Addressing the meet, the chief minister said the partnerships with IOCL, ISPRL and Petronet LNG will significantly enhance the state’s petrochemical infrastructure and manufacturing capabilities. “The MoU with IOCL is a landmark moment in Odisha’s industrial journey. It reflects not just a shared vision but a strong belief in the state’s potential to lead India’s petrochemical revolution from the east. Paradip, with its strategic location and evolving infrastructure, is poised to become a transformative industrial hub - much like Dahej in the west,” Majhi said.
Assuring the industry leaders of his government’s commitment to providing necessary infrastructure, streamlining regulatory processes and investing in skill development aligning with industry needs, Majhi said, “This is the right time to be in Odisha. Odisha is ready and we invite you to invest in our bright future.”
Majhi held discussions with representatives from a diverse array of companies, including Kiri Industries for setting up a specialty chemical production unit, Himadri Specialty Chemical Ltd which is planning to revamp a tyres manufacturing unit in Balasore, SLMG Beverages Pvt. Ltd for expanding manufacturing capacity in Odisha, Chowgule Group which is exploring the establishment of a shipbuilding and repair unit in the state, Inox GFL Group for investing in the chemical sector, specifically after acquiring Gujarat Fluorochemicals, and Bombay Dyeing Mfg. Co. Ltd for potential investments in home furnishing and textiles.
Discussions were also held with the Association of Indian Manufacturers of Medical Devices (AIMED), Toy Association of India, United States India Business Council, and others over growing interest in various sectors, including medical devices and apparel.
Pradhan, who has played a pivotal role as Union minister of Petroleum and Natural Gas in facilitating investment of over `2.4 lakh crore in the petroleum and petrochemical sector of the state, said Odisha is on course to become one of the most important hubs of energy transition in the world.
“Strengthening Odisha’s economy, wealth creation, creating new job opportunities and nurturing a new generation of entrepreneurs in Odisha is our priority. Prime Minister Narendra Modi’s guarantee and CM Mohan Majhi’s leadership will support all investors,” he said.