TV
During the ongoing Odisha Investors' Meet in New Delhi, the Odisha government on Tuesday signed Memoranda of Understanding (MoUs) with at least 13 companies including Indian Oil Corporation Limited (IOCL) and Petronet LNG Limited to bring in massive investment.
Also Read: Odisha govt inks MoUs worth Rs 98,880 Cr at investors’ meet in Delhi
One of the highlights was the signing of MoU between Government of Odisha and IOCL for the establishment of a Dual-Feed Naphtha Cracker Project. This MoU is expected to bring in investments of over Rs 58,042 crore generating employment for 24,000 people.
In addition to the MoU with IOCL, agreements were also signed with the Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG. These partnerships would expectedly reinforce Odisha’s strategic role in India’s petrochemical landscape.
The 13 new projects are expected to generate around 67,000 employment opportunities, fostering regional economic growth and boosting industrial activity. Besides, 15 investment intents were also received. The total investment offers amount to Rs 1,03,090 creating employment opportunities for 95,915 persons.
In his keynote address at the investors' meet, the CM emphasised the vision of Odisha to emerge as a petrochemical and manufacturing hub. He said that today’s MoU with Indian Oil Corporation Ltd. is a landmark moment in Odisha’s industrial journey.
“Odisha is ready, and we invite you to invest in our bright future. Yahi Samay Hai, Sahi Samay Hai,” the CM said highlighting that this is the right time to invest in Odisha.
Companies keen to invest in Odisha are:
• Kiri Industries: Focused on setting up a specialty chemical production unit.
• Himadri Specialty Chemical Ltd: Planning to revamp a tyre manufacturing unit in Balasore.
• SLMG Beverages Pvt Ltd: A leading bottler in India, expanding manufacturing capacity within Odisha.
• Chowgule Group: Exploring the establishment of a shipbuilding and repair unit in the state.
• Inox GFL Group: Looking to invest in the chemical sector, specifically after acquiring Gujarat Fluorochemicals.
• Bombay Dyeing Mfg Co Ltd: Discussed potential investments in home furnishing and textiles.
Additionally, discussions with the Association of Indian Manufacturers of Medical Devices (AIMED), the Toy Association of India, the United States India Business Council, and others highlighted the growing interest in various other sectors.
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Commitment to economic growth
During the meet, the CM assured industry leaders of the Odisha government’s unwavering commitment to facilitate economic growth. He emphasised the government’s dedication to enhancing the State’s infrastructure, streamlining regulatory processes, and investing in skill development that aligns with industry needs.
