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

Odisha on Friday, July 3, 2026, signed a Memorandum of Cooperation (MoC) with ACME Group and Japan’s IHI Corporation for multiple projects collectively requiring an 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, the largest Foreign Direct Investment (FDI).

The aim of the projects was to promote cooperation in the fields of clean energy, advanced manufacturing and industrial development.

The MoC reflects the joint commitment of the Government of Odisha, IHI Corporation and ACME Group to explore opportunities to build large-scale clean energy and industrial projects in the State by leveraging Odisha’s resource strength, industrial ecosystem and policy support.

The statement stated that the cooperation is expected to facilitate technology transfer, promote sustainable industrialization and create significant employment and economic opportunities.

The proposed projects involve a total investment of Rs 67,000 crore and create employment opportunities for around 7,000 people in Odisha, according to a statement issued by the Industries Department.

This includes the 0.4 MTPA green ammonia project at Gopalpur-Tata SEZ with an investment of ₹ 20,000 crore and employment potential of ₹ 3,400 and associated dockless floating terminal infrastructure with additional investment of ₹ 1,000 crore.

Additionally, a methanol project with an investment of ₹ 12,000 crore and a 0.8 MTPA green ammonia project is proposed in Paradip, with an investment of ₹ 34,000 crore and employment potential of 3,600.

The MoC was signed in the presence of Prime Minister Mohan Charan Majhi and Industry Minister Sampad Chandra Swain and representatives from Japan, including the World Bank Group and senior executives of IHI Corporation and Mitsubishi Gas Chemical Company.

“The memorandum of understanding marks another important step in strengthening the long-standing economic partnership between Odisha and Japan. By combining Japanese technological expertise with Odisha’s industrial strength 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.

Welcoming Japanese businesses, Mr. Majhi said, “Japan has been one of India’s most reliable development and investment partners and is recognized globally for technological excellence, innovation and long-term commitment. The signing of this Cooperation Agreement with IHI Corporation and ACME Group marks another important milestone in Odisha’s industrial journey.”

Adani Enterprises and IHC group signed MoUs on Thursday (July 2) for projects such as alumina refinery, aluminum smelter and power plant in different parts of the state.