The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, APRIL 8, 2025
In a major push to industrial growth and employment generation, the Government of Odisha on Tuesday signed 13 Memoranda of Understanding (MoUs) and received 15 additional investment intents, drawing total investment commitments worth ₹1.03 lakh crore. These projects are expected to create over 95,000 job opportunities across the state.
The milestone agreements were formalised during an investors’ meet held in New Delhi in the presence of Odisha Chief Minister Mohan Charan Majhi and Union Ministers Dharmendra Pradhan, Jual Oram, and Hardeep Singh Puri.
The 13 MoUs alone account for ₹98,880 crore in committed investments, set to generate approximately 67,000 employment opportunities. Leading the pack is the Indian Oil Corporation Limited (IOCL), which inked a significant agreement with the state government for establishing a Dual-Feed Naphtha Cracker Project. With an investment of ₹58,042 crore, the IOCL project alone is poised to create 24,000 jobs and transform Paradip into a key petrochemical hub in Eastern India.
Other notable agreements include those with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG, further cementing Odisha’s strategic relevance in India’s energy security and industrial diversification. These partnerships underline the state’s growing appeal in the petrochemical and energy sectors, while reinforcing goals of import substitution, sustainability, and supply chain resilience.
In addition to the MoUs, Odisha received 15 proposals amounting to ₹1,03,090 crore, potentially generating employment for 95,915 people, according to an official release.
Addressing the gathering, Chief Minister Majhi positioned Odisha as an emerging powerhouse for petrochemicals and manufacturing. “The MoU with IOCL is a landmark moment in our state’s industrial journey. It reflects a shared commitment to transform Odisha into a petrochemical leader in the east,” he said. Comparing Paradip’s potential with Gujarat’s Dahej port, Majhi stated, “With its strategic location and growing infrastructure, Paradip is poised to become a transformative industrial hub. Odisha is ready. Yahi Samay Hai, Sahi Samay Hai (This is the right time to invest).”
The state also held deliberations with key industry bodies, including the Association of Indian Manufacturers of Medical Devices (AIMED), Toy Association of India, and the United States India Business Council. These engagements signal Odisha’s broadening industrial focus, especially in the medical devices and apparel sectors.
Chief Minister Majhi’s strategic outreach in the national capital is part of a broader vision to accelerate economic development and position Odisha as a premier destination for industry and innovation.
