Odisha signs a ₹67,000 crore MoC with ACME Group and Japan’s IHI Corporation to develop green ammonia, clean energy and advanced manufacturing projects, creating 7,000 jobs
OdishaPlus Bureau
Odisha has entered into a Memorandum of Cooperation (MoC) with ACME Group and Japan’s IHI Corporation for various projects that together represent an investment of ₹67,000 crore. This agreement was finalized a day after Adani Enterprises and UAE’s International Holding Company (IHC) Group established a memorandum of understanding with the State, marking the largest Foreign Direct Investment (FDI) in its history.
The projects are designed to foster collaboration in clean energy, advanced manufacturing, and industrial development.
The MoC signifies the mutual commitment of the Government of Odisha, IHI Corporation, and ACME Group to investigate opportunities for the establishment of large-scale clean energy and industrial initiatives in the State, utilizing Odisha’s resource advantages, industrial framework, and supportive policies.
This partnership is anticipated to enable technology transfer, encourage sustainable industrialization, and create substantial employment and economic prospects, as stated in the announcement.
As per a statement from the Industries Department, the proposed projects entail a total investment of ₹67,000 crore and are expected to create job opportunities for approximately 7,000 individuals in Odisha. This includes a 0.4 MTPA green ammonia project at Gopalpur–Tata SEZ, which requires an investment of ₹20,000 crore and has the potential to employ 3,400 people, along with an associated jetty-less floating terminal infrastructure that necessitates an additional investment of ₹1,000 crore.
Additionally, a 0.8 MTPA green ammonia project at Paradip is planned with an investment of ₹34,000 crore and the potential to create 3,600 jobs, alongside a methanol project that involves an investment of ₹12,000 crore.
The Memorandum of Cooperation (MoC) was executed in the presence of Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, representatives from the World Bank Group, and delegates from Japan, including senior officials from IHI Corporation and Mitsubishi Gas Chemical Company.
“This MoU signifies a crucial advancement in fortifying the enduring economic alliance between Odisha and Japan. By merging Japanese technological proficiency with Odisha’s industrial capabilities and strategic positioning, this partnership is anticipated to enhance investments in clean energy and advanced manufacturing, while generating new prospects for MSMEs, ancillary industries, local businesses, and skilled youth throughout the State,” stated the government.
“Japan has consistently been one of India’s most reliable development and investment allies, acknowledged worldwide for its technological superiority, innovation, and long-term dedication. The execution of this Memorandum of Cooperation with IHI Corporation and ACME Group represents another significant milestone in Odisha’s industrial development,” remarked Mr. Majhi, as he welcomed Japanese enterprises.