Odisha has signed a memorandum of cooperation with IHI Corporation and ACME Group for a cumulative investment of Rs 670 billion (Rs 670 bn) to promote collaboration in clean energy, advanced manufacturing and industrial development. The agreement was signed during Chief Minister Mohan Charan Majhi's interaction with a Japanese business delegation at Lok Seva Bhawan, with industries minister Sampad Chandra Swain present. The partners will jointly develop three projects expected to generate employment for around 7,000 people.

The projects include a zero point four million (mn) tonne (t) per annum green ammonia plant at Gopalpur-Tata SEZ with an investment of Rs 200 billion and employment potential of 3,400, together with an associated jetty-less floating terminal requiring an additional Rs 10 billion. A zero point eight million (mn) tonne (t) per annum green ammonia project at Paradip has been proposed with an investment of Rs 340 billion, and a methanol facility involving Rs 120 billion that is projected to create 600 jobs.

The chief minister outlined the state's vision to establish one of the country's largest green hydrogen ecosystems and said the partnership with Japan would strengthen the industrial sector following a USD 11 billion (USD 11 bn) agreement reached the previous day. He added that Odisha has approved 12 major green hydrogen and green ammonia projects, attracting over Rs 2,000 billion in investment and creating more than 36,000 jobs. He said two green industrial corridors covering Paradip, Kendrapara and Gopalpur will help position the state as the Steel Capital of India and a global leader in green steel production.

Majhi invited IHI to set up a Japanese Green Engineering and Innovation Centre and sought investment from Mitsubishi Corporation in green chemicals and sustainable fuels. The IHI president and chief executive officer praised the state's green energy policy and investment environment, and the ACME chairman described Odisha as a strong investment destination. The delegation included several Japanese firms and representatives of the World Bank, the International Finance Corporation and the Asian Development Bank.