Odisha’s latest investment push, highlighted by 13 MoUs worth ₹98,880 crore and additional proposals, aims to position the state as a key hub for the Plastics, Chemicals & Petrochemicals sector
OdishaPlus Bureau
On Tuesday, the government of Odisha formalized 13 Memoranda of Understanding (MoUs), which include the Dual-Feed Naphtha Cracker Project by IOCL, and received an additional 15 investment proposals totaling Rs 1.03 lakh crore. This initiative is projected to generate employment for over 95,000 individuals, according to an official announcement.
The MoUs were executed during an investors’ meeting in New Delhi, attended by Odisha Chief Minister Mohan Charan Majhi and Union Ministers Dharmendra Pradhan, Jual Oram, and Hardeep Singh Puri.
In total, the 13 MoUs represent an investment of Rs 98,880 crore, significantly bolstering the state’s capabilities across various sectors. These projects are anticipated to create approximately 67,000 job opportunities, thereby promoting regional economic development and enhancing industrial activity, as stated in the release.
In addition to the MoUs, the state received 15 investment intentions amounting to Rs 1,03,090 crore, which are expected to provide employment for 95,915 individuals.
Among the 13 Memoranda of Understanding (MoUs) signed, the most notable is the agreement between the state government and Indian Oil Corporation Ltd (IOCL) for the development of a Dual-Feed Naphtha Cracker Project. This initiative is projected to attract investments exceeding Rs 58,042 crore and create approximately 24,000 job opportunities.
In addition to the MoU with IOCL, agreements were also established with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG. These collaborations enhance Odisha’s strategic importance in India’s petrochemical sector and demonstrate a commitment to sustainable industrial growth, reducing imports, and ensuring a robust supply chain.
Majhi, currently visiting Delhi, is actively pursuing strategic partnerships with industries aimed at boosting economic development and establishing Odisha as a significant center for industry, especially in the petrochemical and technology fields.
In his keynote speech at the investors’ meeting, Majhi emphasized Odisha’s ambition to become a leading petrochemical and manufacturing center. He remarked, “The Memorandum of Understanding with Indian Oil Corporation Limited marks a significant milestone in Odisha’s industrial development. It not only signifies a common vision but also demonstrates a strong confidence in the state’s capacity to spearhead India’s petrochemical advancement from the eastern region.”
Majhi noted that Paradip, due to its advantageous location and developing infrastructure, is set to evolve into a pivotal industrial center, akin to the Dahej port in Gujarat. “Odisha is prepared, and we extend an invitation to you (investors) to invest in our state. ‘Yahi Samay Hai, Sahi Samay Hai’ (This is the right time to invest),” stated the chief minister.
Additionally, the state government engaged in discussions with the Association of Indian Manufacturers of Medical Devices (AIMED), the Toy Association of India, and the United States India Business Council, underscoring the increasing interest in diverse sectors such as medical devices and apparel.
