The Odisha government has approved investment proposals worth ₹44,200 crore across key sectors including renewable energy, semiconductors, cement, aerospace components and digital infrastructure, reinforcing its push to position the state as a major industrial and clean energy hub.
The approvals were granted at the 44th meeting of the High Level Clearance Authority chaired by Chief Minister Mohan Charan Majhi. A total of 10 projects received clearance and are expected to generate nearly 8,700 employment opportunities across eight districts.
The largest share of the approved investment is concentrated in the renewable energy segment, particularly pumped storage projects that are critical for grid stability and renewable integration.
A major proposal comes from the Adani Group, whose subsidiary will set up a pumped storage hydropower project in Nayagarh with an investment of ₹9,731 crore. The project is expected to significantly enhance Odisha’s peak power management capacity and support the state’s growing renewable energy base.
Other large renewable energy projects cleared include proposals by Greenko in Kalahandi with an investment of ₹7,506 crore and Jindal Green PSP Two Pvt Ltd in Deogarh with an outlay of ₹3,711 crore. Together, these projects underline Odisha’s strategy to emerge as a leading destination for large-scale energy storage infrastructure.
In a significant move toward advanced manufacturing, ASP Semicon has received approval to establish a semiconductor memory chip manufacturing unit in Khurda with an investment of ₹4,620 crore. The project is expected to create around 2,500 jobs and strengthen the state’s presence in the electronics and semiconductor ecosystem.
Complementing this, Magnova Pvt Ltd will set up a ₹1,050 crore rare earth and high-performance magnet manufacturing facility, also in Khurda. The unit is expected to cater to sectors such as electric vehicles, renewable energy equipment and advanced electronics, aligning with national priorities on supply chain resilience.
In the manufacturing and heavy industry segment, Bharat Forge has secured approval for a ₹3,000 crore project in Dhenkanal to manufacture aerospace, automotive and defence components. The project is projected to generate about 1,000 direct jobs and strengthen Odisha’s footprint in high-value engineering exports.
The cement sector also saw major clearances. Dalmia Cement (Bharat) Ltd will invest ₹2,000 crore to establish a cement plant in Malkangiri, while NCL Industries Ltd has received approval for a ₹2,000 crore cement unit in Koraput. These projects are expected to boost industrial activity in southern Odisha and support infrastructure expansion within the state and neighbouring regions.
In the digital infrastructure space, Shreetech Data Ltd-CLS will invest ₹1,622 crore to develop a cable landing station in Puri. The facility is expected to improve international data connectivity and strengthen Odisha’s position in digital infrastructure and data-driven industries.
The approved projects are spread across Khurda, Koraput, Kalahandi, Malkangiri, Dhenkanal, Puri, Nayagarh and Deogarh, reflecting a geographically distributed industrial strategy rather than a concentration in a single urban cluster.
Officials indicated that the government’s focus will now shift from approvals to time-bound implementation. The administration has reiterated its commitment to faster clearances, coordinated field-level facilitation and infrastructure readiness to ensure that sanctioned investments translate into operational units without prolonged delays.
With a strong tilt toward renewable energy storage, semiconductor manufacturing and high-end engineering, the latest round of approvals signals a deliberate shift toward future-oriented sectors. The ₹44,200 crore investment package not only expands Odisha’s industrial base but also strengthens its positioning as a competitive destination for capital-intensive and technology-driven projects.