The Odisha government today signed 13 memorandums of understanding (MoUs) with the Union Ministry of Petroleum and Natural Gas at the Odisha Investors’ Meet in New Delhi. Under the MoUs, Odisha will receive investments totalling over 8 lakh 96 thousand crore rupees. The investment in Odisha is likely to generate about 96,000 employment opportunities. Prominent proposals among the MoUs include the establishment of a dual-feed naphtha cracker project by Indian Oil Corporation.

The Indian Oil Corporation project, with an estimated investment of 58,042 crore rupees, is expected to generate employment for around 24,000 people. Outlining its importance, Odisha Chief Minister Mohan Charan Majhi said that this will lead Odisha towards becoming an industrial powerhouse. He hoped that the meet will help promote business in the state and assist it in achieving its aim to be a developed state by 2036.

Petroleum and Natural Gas Minister Hardeep Singh Puri also lauded the meet and said that investors from different sectors see the potential for good returns. He mentioned that India aims to be one of the global refining hubs in the future, with Odisha occupying a key spot in this evolution. He also highlighted that India’s refining capacity will increase to 310 million metric tonnes per annum, which could even reach over 400 million metric tonnes per annum.

Union Tribal Affairs Minister Jual Oram and Union Minister for Education Dharmendra Pradhan also attended the Odisha Investors’ Meet.