The Chief Minister's Office of Odisha announced on Friday, 3 July 2026 that the state has signed a landmark Memorandum of Cooperation with IHI Corporation and ACME Group, targeting a proposed investment of ₹67,000 crore in clean energy and green manufacturing under the leadership of Chief Minister Mohan Charan Majhi.

Context

The MoC brings together IHI Corporation, a Japanese multinational with deep expertise in hydrogen and ammonia energy systems, and ACME Group, one of India's leading cleantech firms developing large-scale solar, green hydrogen, and ammonia infrastructure. The agreement positions Odisha as a hub for export-oriented green manufacturing, leveraging the state's coastline, power availability, and mineral resources. The proposed investment is expected to generate over 6,700 employment opportunities alongside facilitating technology transfer from Japan to India.

The CMO's announcement described the signing as 'another decisive step towards becoming a global powerhouse in clean energy and sustainable industrialisation,' underlining the state government's intent to attract future-ready industries.

Policy Backdrop

The agreement aligns with India's National Green Hydrogen Mission, launched in 2023, which targets an annual green hydrogen production capacity of 5 million tonnes by 2030. States have been encouraged to identify project sites, facilitate land acquisition, and fast-track environmental clearances to meet national decarbonisation goals. Odisha has participated in the Make in Odisha Conclave series since 2016, steadily attracting investment in metals, petrochemicals, and renewables through successive MoU signings.

Japan-India energy cooperation has deepened in recent years through bilateral technology partnerships and financing frameworks, with Japanese industrial firms increasingly viewing India as a priority destination for clean energy joint ventures. IHI Corporation's engagement in India's power and industrial equipment sector gives the partnership an established technological foundation.

Stakeholders and Impact

For Odisha's workforce, the projected 6,700 jobs represent direct employment in green manufacturing, with potential multiplier effects in ancillary industries and logistics tied to the proposed clean energy corridor. Clean energy investors and Japanese technology partners stand to benefit from India's policy incentives under the hydrogen mission, as well as Odisha's infrastructure advantages including deep-water port access.

ACME Group's track record in scaling renewable energy projects and IHI Corporation's command of advanced hydrogen and ammonia technologies together form a complementary partnership aimed at building export-ready green fuel capacity. The deal also signals growing state-level competition to attract foreign direct investment in the green economy, as Indian states race to position themselves under India's 2070 net-zero commitment.

What's Next

Detailed project reports, land allocation decisions, and environmental clearances are expected to follow in the coming months as the partnership moves from intent to implementation. Analysts will watch for formal project announcements at major energy forums and for Odisha to translate this MoC into ground-level activity, a step that has historically distinguished successful investments from paper commitments in the Make in Odisha pipeline.

If executed at scale, the ₹67,000 crore investment would mark one of the largest clean energy commitments in eastern India, reinforcing Odisha's ambition to sit alongside Gujarat and Rajasthan as a preferred destination for green manufacturing capital.