The Business Bytes
THEBUSINESSBYTES BUREAU
BHUBANESWAR, JANUARY 28, 2025
The Odisha government marked a momentous start to the ‘Utkarsh Odisha-Make in Odisha Conclave 2025’ by signing 54 Memorandums of Understanding (MoUs) with leading companies, securing an investment commitment of ₹4.5 lakh crore on the inaugural day.
State Industries Department Additional Chief Secretary, Hemant Sharma, announced that the Adani Group emerged as the largest investor, committing ₹2.28 lakh crore. Vedanta Group pledged ₹1 lakh crore, while JSW Group, led by Sajjan Jindal, plans to invest ₹35,000 crore in establishing a steel plant in Keonjhar district.
Jindal Steel & Power also revealed its intent to invest ₹70,000 crore in expanding its Angul plant, though the formal MoU is yet to be signed. Renewable energy firm Avaada Group committed ₹20,700 crore for green energy projects, including floating solar and pumped storage systems, according to its chairman, Vineet Mittal.
Odisha received investment intents worth ₹20,900 crore in sectors like IT/ITeS, electronics, semiconductors, data centers, and related industries. Officials highlighted the transformative potential of these investments in boosting economic growth and promoting balanced regional development.
Union Electronics & IT Minister Ashwini Vaishnaw, present at the inaugural session, emphasized India’s progress in the semiconductor sector, saying, “The world is now confident in India’s emergence as a semiconductor hub. Odisha, with its talented youth, will play a pivotal role in this journey.”
State IT Minister Mukesh Mahaling shared Odisha’s ambitious economic vision, targeting a $500 billion economy by 2036 and $1.5 trillion by 2047. He outlined plans for developing Tech Business Parks in tier-2 and tier-3 cities, IT clusters, GCC Parks, an integrated FinTech cluster, and a network of data centers to achieve this goal.
