Odisha's investment drive: 54 MoUs signed, more to follow at Utkarsh Odisha Conclave

Bhubaneswar, Jan 28: During the Utkarsh Odisha – Make in Odisha Conclave on Tuesday, Industries Secretary Hemant Sharma announced that while 54 Memoranda of Understanding (MoUs) had already been signed, the total is expected to rise to approximately 80 within the next few hours.

He explained that some of these agreements were pre-prepared, while others would be finalized during the CEO Roundtable, which Chief Minister Mohan Majhi will attend. Due to the number of agreements, a physical exchange of all 54 MoUs will not occur; instead, companies will make their announcements.

Sharma noted that Prime Minister Narendra Modi’s inaugural speech had sparked increased interest from various companies in investing in Odisha. He highlighted that Naveen Jindal had pledged an investment of ₹70,000 crore from JSPL, and the Adani Group plans to invest ₹2.28 lakh crore in sectors including cement, power, and industrial parks—the largest investment among the MoUs signed. Additionally, the JSW Group has committed to establishing a 5 million tonnes per annum steel plant in Keonjhar with a ₹35,000 crore investment.

The government aims to attract ₹5 lakh crore in investments during this conclave, which includes industry leaders and business delegations from over 16 countries. The summit seeks to broaden foreign investments beyond the mining sector, focusing on employment-driven areas such as textiles, IT, shipbuilding, and emerging sectors like green energy and electronics manufacturing, positioning Odisha as one of India's top five economies.