Odisha Investment Proposals ₹44,200 Crore Cleared to Boost Energy, Semiconductor and Industrial Growth

KEY TAKEAWAYS:

Odisha approves ₹44,200 crore investment across 10 major projects.
Renewable energy storage and semiconductors dominate new clearances.
Nearly 8,700 jobs expected across eight districts.

Bhubaneswar: The Odisha government has approved Odisha investment proposals ₹44,200 crore spanning renewable energy, semiconductors, cement, aerospace components and digital infrastructure. The clearances mark a decisive push to position the state as a major clean energy and advanced manufacturing hub.

The approvals were granted during the 44th meeting of the High Level Clearance Authority chaired by Chief Minister Mohan Charan Majhi.

Renewable Energy Gets the Largest Share

Energy storage infrastructure emerged as the biggest beneficiary. A subsidiary of the Adani Group will establish a ₹9,731 crore pumped storage hydropower project in Nayagarh, strengthening peak power management and renewable integration.

Additional approvals include:

₹7,506 crore pumped storage project by Greenko in Kalahandi
₹3,711 crore project by Jindal Green PSP Two Pvt Ltd in Deogarh
Together, these projects reinforce Odisha’s ambition to become a national leader in large-scale energy storage.

Semiconductor and Advanced Manufacturing Push

In a significant step toward electronics manufacturing, ASP Semicon will set up a ₹4,620 crore semiconductor memory chip facility in Khurda. The project is expected to generate around 2,500 jobs and anchor Odisha’s semiconductor ecosystem.

Complementing this, Magnova Pvt Ltd will invest ₹1,050 crore in a rare earth and high-performance magnet plant. The facility will serve electric vehicle, renewable energy and advanced electronics sectors, aligning with India’s supply chain resilience goals.

Heavy Industry and Engineering Investments

Bharat Forge secured approval for a ₹3,000 crore project in Dhenkanal to manufacture aerospace, automotive and defence components. The project is projected to create around 1,000 direct jobs and strengthen Odisha’s high-value engineering exports.

The cement sector also witnessed major clearances:

₹2,000 crore plant by Dalmia Cement (Bharat) Ltd in Malkangiri
₹2,000 crore unit by NCL Industries Ltd in Koraput

These projects are expected to boost southern Odisha’s industrial landscape and support infrastructure growth.

Digital Infrastructure Expansion

In the digital domain, Shreetech Data Ltd-CLS will invest ₹1,622 crore to develop a cable landing station in Puri. The project is poised to enhance international data connectivity and strengthen Odisha’s digital backbone.

Geographically Distributed Industrial Growth

The approved investments span Khurda, Koraput, Kalahandi, Malkangiri, Dhenkanal, Puri, Nayagarh and Deogarh, reflecting a strategy of balanced regional development rather than urban concentration.

Officials indicated the next focus will be time-bound implementation, ensuring faster project execution and infrastructure readiness.

Strategic Shift Toward Future-Ready Sectors

The ₹44,200 crore package signals Odisha’s deliberate pivot toward renewable energy storage, semiconductor manufacturing, and advanced engineering. By prioritising capital-intensive and technology-driven sectors, the state aims to strengthen its competitiveness in emerging industries.

The Odisha investment proposals ₹44,200 crore package not only expands the state’s industrial base but positions it as a rising hub for clean energy, semiconductors and high-value manufacturing in India.

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