Bhubaneswar: On the second day of Odisha Chief Minister Mohan Charan Majhi’s visit to Delhi, the State Government signed a major Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for the establishment of a dual-feed naphtha cracker project. The project, with a projected investment of ₹58,042 crore, is expected to generate employment for approximately 24,000 people.

Per official sources, multiple MoUs were signed during the second day of the Odisha Investors’ Meet, collectively drawing investment commitments worth ₹98,880 crore. These projects are anticipated to create around 67,000 job opportunities in the State.

In addition to the IOCL agreement, MoUs were also signed with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG.

Over the course of the two-day visit (April 7–8), the Odisha Government signed 13 MoUs and received 15 investment intents. In total, these engagements are expected to bring in investments of ₹1,03,090 crore and generate nearly 95,915 employment opportunities.

Speaking at the event, the Odisha Chief Minister stated, “Today’s MoU with IOCL is a landmark moment in the State’s industrial journey. It reflects not just a shared vision, but a strong belief in the State’s potential to lead India’s petrochemical revolution from the East. Paradip, with its strategic location and evolving infrastructure, is poised to become a transformative industrial hub—much like Dahej in the west... Odisha is ready, and we invite you to invest in our bright future. Yahi Samay Hai, Sahi Samay Hai.”

The meeting was also attended by Odisha’s Minister for Industries and Skill Development & Technical Education, Sampad Chandra Swain; Union Minister for Tribal Affairs, Jual Oram; Union Minister for Education, Dharmendra Pradhan; and Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri.

CM Majhi also held discussions with representatives from several companies, including:

  • Kiri Industries – for setting up a specialty chemical production unit
  • Himadri Specialty Chemical Ltd – for revamping a tyre manufacturing unit in Balasore
  • SLMG Beverages Pvt Ltd – for expanding manufacturing capacity in the State
  • Chowgule Group – for establishing a shipbuilding and repair facility
  • Inox GFL Group – for investments in the chemical sector
  • Bombay Dyeing Mfg. Co. Ltd – for investments in home furnishings and textiles