According to the MoU, Paradeep Phosphates will invest the expected amount in chemical and fertilizer projects in the coming years in an effort to boost their production capaciy while supporting farmers in the area.
The MoU was signed in Mumbai during the India Chem 2026 conference in the presence of Odisha’s Chief Minister Mohan Charan Majhi. The funds will be invested in setting up chemical and fertilizer manufacturing plant in the state, according to Paradeep Phosphates.
The MoU signing was officiated by Hemant Kumar Sharma, the Additional Chief Secretary for Industries, on behalf of the government of Odisha, while N. Suresh Krishnan, the Managing Director and CEO of Paradeep Phosphates, was who signed the agreement on behalf of the company.
Expectedly, the new facility will increase production in the chemical and fertilizer sectors, and therefore jobs will be created as well. The company, however, has not shared any details on the construction schedule, capacity, and how many jobs will be in offer.
This upcoming funding is due to Odisha’s efforts of bringing more industrial activities into the state to nurture its manufacturing sector. The planned bio-fertiliser plant will also help agriculture and contribute positively to soil health and productivity in crops.The future steps involves execution of the proposed project which will be shared with the public later.
