Odisha Signs MoUs for ₹2.1 Lakh Crore Investment, 8.68 Lakh Jobs

Odisha signs agreements with IHC and the Adani Group to explore 14 projects worth ₹2.10 lakh crore, with potential to create 8.68 lakh jobs across industries including metals, energy, healthcare and infrastructure.

The investment partnership between Odisha and the United Arab Emirates has received an added boost as the Odisha State Government enters into MoUs with Abu Dhabi-headquartered International Holding Company (IHC) and Adani Group to pursue 14 projects worth an estimated investment of ₹2,10,500 crore. These projects could create approximately 8.68 lakh employment opportunities.

These agreements are being signed as part of Chief Minister Mohan Charan Majhi’s initiative for investment promotion in the UAE. Some of the sectors in which the proposed portfolio will cover are: metals downstream manufacturing, slurry pipelines, critical metals and rare earths, chemicals and petrochemical derivatives, renewable energy systems, healthcare, industrial infrastructure, tourism, skill development and sports infrastructure.

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The new collaboration follows an earlier pact signed back in July by the government of Odisha, IHC, and the Adani Group for the development of an aluminium value chain project with an investment of about ₹1.1 lakh crore. The project will create over 53,500 job opportunities and will form an important part of the state’s metal and industrial ecosystem development initiatives.

In the course of the UAE visit, further talks on the development of the proposed aluminium project were also held. The location of the alumina plant can be found in Kalyansinghpur tehsil of Rayagada district, and that of the aluminium plant in Sadar tehsil of Sundargarh district in Odisha. It is estimated that the project will help add value to the state’s aluminium industry.

Odisha also makes use of the Memorandum of Cooperation signed with the Indian Business & Professional Group (IBPG), which is based in the UAE. This agreement is concentrated on enhancing the trade relations between the two entities and exploring areas where investments can be made. Topics such as Odisha products including turmeric, ginger, seafood, contract manufacturing for UAE brands, and skilled manpower were discussed.

In yet another industry-focused interaction, Majhi calls upon Borouge, a petrochemical company based in the UAE, to consider the feasibility of setting up a chemical downstream complex in Odisha. The new plant will be able to take advantage of feedstock relationships with the naphtha cracker project being considered by Indian Oil Corporation at Paradip.

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Another important aspect that the outreach program addresses is the development of infrastructure. This is done through a round table held with the investment institutions of the UAE, where the projects that can be undertaken via the PPP approach are presented by the chief minister.

The current deals not only diversify Odisha’s investments from individual projects but also give importance to industrial clusters and international collaborations. The potential investments ranging from conventional industries to emerging sectors will help Odisha to position itself as an international destination for investments and industries.