Odisha signs pact with Japanese co, ACME Group for Rs 67,000-cr investment

The Odisha government on Friday signed a Memorandum of Cooperation (MoC) with the ACME Group and Japan's IHI Corporation for a proposed investment of Rs 67,000 crore, aimed at accelerating technology transfer and green industrialisation.

The agreements were signed during Chief Minister Mohan Charan Majhi's interaction with a high-level business delegation from Japan here.

The development assumes significance as it comes a day after Prime Minister Narendra Modi held summit talks with his Japanese counterpart Sanae Takaichi in New Delhi, Majhi said.


The collaboration reflects the shared commitment of the state government, IHI Corporation and the ACME Group to explore opportunities for establishing large-scale clean energy and industrial projects in Odisha, leveraging its resource strength, industrial ecosystem and policy support, an official statement said.

Majhi said Odisha aims to establish one of the largest green hydrogen ecosystems in the country.

"After yesterday's USD 11 billion agreement with Middle Eastern investors, today's partnership with Far Eastern friend Japan has made the state's industrial sector even brighter," the CM said.

He said that Odisha has already approved 12 major green hydrogen and green ammonia projects, which will bring investments of more than Rs 2 lakh crore to the state and create over 36,000 employment opportunities.

"Two green industrial corridors are being developed involving Paradip, Kendrapara and Gopalpur, which will make Odisha, referred to as the 'steel capital' of India, a global leader in green steel production," Majhi asserted.