On Tuesday, the Odisha government signed 13 Memorandums of Understanding (MoUs), including a major agreement with Indian Oil Corporation Ltd (IOCL) for a Dual-Feed Naphtha Cracker Project. Additionally, the state received 15 other investment proposals, bringing the total investment to Rs 1.03 lakh crore, which is expected to generate employment for over 95,000 people, according to an official announcement.
The MoUs were finalized during an investor meeting in New Delhi, with the participation of Odisha Chief Minister Mohan Charan Majhi, Union Ministers Dharmendra Pradhan, Jual Oram, and Hardeep Singh Puri. The signed MoUs amount to Rs 98,880 crore in investments, which will significantly enhance Odisha’s infrastructure and industrial sectors, creating around 67,000 new jobs and driving regional economic growth.
In addition to the 13 MoUs, the state government also received investment intents worth Rs 1,03,090 crore, promising to create 95,915 employment opportunities. These proposals span various industries, further reinforcing Odisha’s attractiveness as an investment destination.
The highlight of the MoUs is the partnership between the Odisha government and IOCL for the establishment of the Dual-Feed Naphtha Cracker Project, which will involve an investment of over Rs 58,042 crore and provide jobs for approximately 24,000 individuals. This project marks a significant step toward strengthening Odisha’s position in the country’s petrochemical sector.
Further agreements were signed with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG, further solidifying Odisha’s strategic importance in India’s petrochemical industry. These collaborations reflect the state’s commitment to sustainable industrial growth, boosting import substitution, and enhancing supply chain resilience.
In his address at the investors meet, Chief Minister Majhi emphasized Odisha’s vision of becoming a leading hub for petrochemicals and manufacturing. He expressed optimism about the state’s potential, particularly with projects like the IOCL collaboration, and pointed out that Paradip, with its strategic location and infrastructure development, is poised to emerge as a major industrial center, akin to Dahej in Gujarat.
“Odisha is ready for investment, and now is the ideal time to invest,” Majhi encouraged the attendees. The state also engaged with organizations such as AIMED and the Toy Association of India, underscoring its growing interest in sectors like medical devices and apparel.
