Bhubaneswar: Odisha continues to solidify its position as a prime investment destination, even after the successful Utkarsh Odisha Conclave. In a significant development, HIF Global India, a multinational company based in Chile, has expressed its intent to invest approximately $1 billion USD in Odisha’s renewable energy sector.
The company is particularly interested in establishing a methanol synthesis project, which aligns with the growing global demand for biofuels and e-fuels.
A detailed presentation on e-fuel production was made today at the Lok Seva Bhavan Conference Hall in the presence of Deputy Chief Minister and Minister of Agriculture and Farmers’ Empowerment, Kanak Vardhan Singh Deo, along with other senior officials.
E-fuels, which are essential for reducing carbon emissions and maintaining ecological balance, have gained prominence as a sustainable energy solution.
HIF Global India, which is already engaged in methanol synthesis projects in countries like the United States, Chile, Uruguay, and Australia, has proposed to set up a similar project in Odisha.
The company has requested 50 acres of land, along with necessary water and electricity supply, to establish its operations. It has assured compliance with all government regulations and guidelines.
Deputy Chief Minister Kanak Vardhan Singh Deo welcomed the proposal, emphasizing Odisha’s commitment to fostering a business-friendly environment. “Odisha is 100 percent investment-ready. We offer a single-window clearance system to facilitate seamless project implementation. All necessary facilities will be provided in accordance with government guidelines,” he stated.
If the project materializes, it is expected to create significant employment opportunities, with over 250 jobs during the operational phase and more than 500 jobs in the functional phase. Additionally, the project aims to produce 3,50,000 tons of e-methanol annually, contributing to a substantial reduction of 95 percent in carbon emissions.
The meeting was attended by key officials, including Principal Secretary of the Energy Department, Vishal Dev, IPICOL MD Bhupendra Singh Poonia, and senior representatives from Tata Power and the Energy Department. This collaboration marks a pivotal step in Odisha’s journey toward becoming a hub for renewable energy and sustainable development.
