Bhubaneswar, April 8: Chief Minister Mohan Charan Majhi has engaged in a series of high-level discussions with industry leaders, culminating in the signing of 13 major Memorandums of Understanding (MoUs) at an Investors’ Meet held in the national capital.
These agreements, with a combined investment of Rs 98,880 crore, are poised to enhance Odisha's industrial capabilities across various sectors, driving regional economic growth and generating substantial employment opportunities.
The MoUs are set to create around 67,000 jobs, contributing to the state’s ongoing industrial development. In addition to the 13 signed agreements, 15 investment intents have been received, with total investment offers reaching Rs 1,03,090 crore. These projects are expected to create an impressive 95,915 employment opportunities, further positioning Odisha as a key player in India’s economic landscape.
One of the most notable highlights of the event was the signing of a Memorandum of Understanding (MoU) between the Government of Odisha and Indian Oil Corporation Ltd. (IOCL) for the establishment of a Dual-Feed Naphtha Cracker Project. This landmark agreement, valued at Rs 58,042 crore, will generate 24,000 jobs and is set to be a cornerstone of Odisha’s burgeoning petrochemical industry. The project underscores the state’s commitment to sustainable industrial development, import substitution, and building a resilient supply chain.
Additionally, MoUs were signed with Indian Strategic Petroleum Reserves Ltd. (ISPRL) and Petronet LNG, reinforcing Odisha’s strategic importance in India’s petrochemical sector. These partnerships reflect the state’s increasing role in the country’s energy and petrochemical industries and highlight its potential for future growth.
In his keynote address at the Investors' Meet, Chief Minister Majhi outlined Odisha’s vision to become a leading petrochemical and manufacturing hub. He emphasized the state’s strategic advantages, particularly the growing infrastructure at Paradip, which he described as poised to become a transformative industrial hub akin to Dahej port in Gujarat.
“Today’s MoU with Indian Oil Corporation Ltd. marks a milestone in Odisha’s industrial journey,” said the Chief Minister. “It reflects our shared vision and belief in the state’s potential to lead India’s petrochemical revolution from the east.”
Highlighting the opportune moment for investment, the Chief Minister encouraged business leaders to invest in Odisha’s promising future. “Yahi Samay Hai, Sahi Samay Hai”—this is the right time to invest in Odisha, he stressed. With its robust industrial plans and strategic location, Odisha is positioning itself as a prime destination for investors across various sectors.
