Patnaik also unveiled Kalinga Lancers' logo and jersey for the members of the Odisha team.
The Lancers would be the sixth team in the tournament which is scheduled to start from January 23 next year.
The state-owned Industrial Infrastructure Development Corporation (IDCO) and Mahanadi Coalfield Limited (MCL) have joined hands and formed Odisha Sports Development and Promotion Company to own the franchise.
An agreement was also signed between Odisha Sports Development, Promotion Company and HIL in the presence of the chief minister and HIL officers led by its general secretary Narendra Batra.
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Kalinga Stadium which boasts of synthetic hockey surface conforming to the international specification will be a venue for the league matches of the tournament.
Former India captain Dilip Tirkey is the chief mentor and advisor of the special purpose vehicle.
Terry Walsh has been named as the coach of the Kalinga Lancers.
With a rich history in hockey, Odisha has produced international players like Ignes Tirkey, Dillip Tirkey, Lazarus Barla, Michael Kindo and 15 other known players in recent years.
He said that the franchise would enhance the city's image on an international scale as many international sports events would be held and the state would be a part of the global league.