Odisha signs memorandum of cooperation for Japan-backed projects worth ₹67,000 crore

Published 3 July 2026 · finance

Odisha on Friday (July 3, 2026) signed a Memorandum of Cooperation (MoC) with ACME Group and Japan’s IHI Corporation for multiple projects that collectively entail

Odisha on Friday (July 3, 2026) signed a Memorandum of Cooperation (MoC) with ACME Group and Japan’s IHI Corporation for multiple projects that collectively entail investment of ₹67,000 crore. This comes a day after Adani Enterprises and UAE’s International Holding Company (IHC) Group signed a memorandum of understanding with the State, marking the its largest Foreign Direct Investment (FDI). The projects were aimed at promoting collaboration in clean energy, advanced manufacturing and industrial development. The MoC reflects the shared commitment of the Government of Odisha, IHI Corporation and ACME Group to explore opportunities for establishing large-scale clean energy and industrial projects in the State, leveraging Odisha’s resource strength, industrial ecosystem, and policy support.

The collaboration is expected to facilitate technology transfer, promote sustainable industrialisation and generate significant employment and economic opportunities, the statement said. According to a statement issued by Industries Department, the proposed projects involve a cumulative investment of ₹67,000 crore and generate employment opportunities for around 7,000 people in Odisha. This includes a 0.4 MTPA green ammonia project at Gopalpur–Tata SEZ with an investment of ₹20,000 crore and employment potential of 3,400, along with an associated jetty-less floating terminal infrastructure involving an additional investment of ₹1,000 crore. Further, a 0.8 MTPA green ammonia project at Paradip is proposed with an investment of ₹34,000 crore and employment potential of 3,600, along with a methanol project involving an investment of ₹12,000 crore.

The MoC was signed in the presence of Chief Minister Mohan Charan Majhi and Industries Minister Sampad Chandra Swain and World Bank Group and representatives from Japan which included senior leadership from IHI Corporation and Mitsubishi Gas Chemical Company. “The MoU marks another significant step in strengthening the long-standing economic partnership between Odisha and Japan. By combining Japanese technological expertise with Odisha’s industrial strengths and strategic location, the collaboration is expected to accelerate investments in clean energy and advanced manufacturing while creating new opportunities for MSMEs, ancillary industries, local enterprises and skilled youth across the State,” the government said. “Japan has been one of India’s most trusted development and investment partners, recognised globally for technological excellence, innovation and long-term commitment.