The Business Bytes
THEBUSINESSBYTES BUREAU
BHUBANESWAR, FEBRUARY 11, 2025
Odisha continues to attract significant investment even after the highly successful Utkarsh Odisha Conclave. In a major boost to the state’s renewable energy sector, Chile-based multinational company HIF Global India has expressed its interest in investing approximately $1 billion in Odisha for a methanol synthesis project. The proposal was presented on Tuesday at the Lok Seva Bhavan Conference Hall here in the presence of Deputy Chief Minister and Minister of Agriculture and Farmers Empowerment, Energy, Kanak Vardhan Singh Deo.
With the rising global demand for biofuels, e-fuel has become a crucial component in environmental conservation and ecological balance. HIF Global India, which specializes in methanol synthesis and operates in countries like the United States, Chile, Uruguay, and Australia, has proposed a significant investment in Odisha to establish a state-of-the-art methanol production facility. The company has sought 50 acres of land, along with essential water and electricity supply, to commence operations in compliance with government regulations.
Speaking on the occasion, Deputy Chief Minister Singh Deo reaffirmed Odisha’s commitment to fostering a business-friendly environment. “Odisha is now 100 percent investment-friendly. We are prepared to provide all necessary facilities as per government guidelines. Our investment-friendly single-window clearance system will ensure seamless project execution,” he said.
If implemented, the project is expected to create substantial employment opportunities, generating over 250 jobs in the operational phase and more than 500 during the functional phase. The facility aims to produce 3,50,000 tons of e-methanol annually, significantly contributing to carbon reduction by cutting emissions by 95 percent.
The high-profile meeting was attended by State Energy Department Principal Secretary Vishal Dev, IPICOL MD Bhupendra Singh Poonia, and senior officials from Tata Power and the Power Department.
