Odisha’s Utkarsh 2025 Conclave Sees Record Investment Commitments on Day 1
Adani Group to invest Rs 2.3 lakh crore; Vedanta pledges Rs 1 lakh crore for major projects
By Nalini Sahu
Bhubaneswar, Jan. 29: The first day of the Utkarsh Odisha – Make in Odisha Conclave 2025 proved to be a game-changer for the state, as investment commitments poured in, reaching a jaw-dropping Rs 4.5 lakh crore. With such a strong start, Chief Minister Mohan Charan Majhi expressed confidence that the state’s original Rs 5 lakh crore target would be exceeded, and possibly even grow multiple times as the summit progresses, drawing interest from investors worldwide.
“The enthusiasm at this event is truly remarkable. With the Prime Minister’s support and growing investor confidence, we are poised for even greater achievements,” Majhi said. On Day 1, over 100 investment proposals were received, with 54 Memoranda of Understanding (MoUs) signed across various sectors.
A standout announcement came from the Adani Group, which committed Rs 2.3 lakh crore in investments for the next five years. These funds will be directed to a range of industries, including power, cement, industrial parks, aluminum, city gas, and port infrastructure. Karan Adani, Managing Director of Adani Ports and Special Economic Zone Ltd, met with the Chief Minister to formalize this landmark agreement.
“This is by far the largest investment proposal we’ve seen at Utkarsh Odisha 2025,” said Hemant Sharma, Principal Secretary of the state’s industries department, highlighting the significance of Adani’s contribution.
Vedanta Limited also made a strong impact, signing an MoU for a Rs 1 lakh crore investment in Odisha. The funds will support the construction of a 6 MTPA alumina refinery, a 3 MTPA green aluminum plant, and an aluminum park in Rayagada. Vedanta Group Chairman Anil Agarwal noted that the project would not only ramp up aluminum production but also generate 2 lakh new jobs, boosting MSMEs in sectors such as automotive, power, construction, and logistics. Vedanta is also working on the Sijimali bauxite mine in Rayagada to support these new ventures.
In another major development, the JSW Group, led by Sajjan Jindal, signed an MoU for a Rs 35,000 crore investment to establish a 5 MTPA steel plant in Keonjhar, the home district of Chief Minister Majhi. “We are in talks with POSCO, which is considering setting up a steel plant in Odisha. There is potential for collaboration between our companies,” Jindal said, suggesting synergies between the two giants.
The Utkarsh Odisha Conclave has attracted both domestic and international investors from various sectors, underscoring Odisha’s ambitions to become a global industrial hub, according to CM Majhi.
Naveen Jindal, Chairman of Jindal Steel and Power (JSP), also made waves with significant announcements. JSP plans to upgrade its 6 MTPA steel plant in Angul to an impressive 25 MTPA by 2030, with an investment of Rs 70,000 crore. “By next year, we will double our capacity to 12 MTPA, and by 2030, we aim to reach 25.2 MTPA, making it the world’s largest and most eco-friendly steel plant, positioning us as leaders in green steel production,” Jindal said. He also mentioned that JSP has already invested over Rs 1 lakh crore in Odisha.
