Explanation:

The Hirakud Project is a significant multi-purpose river valley project in India, known for its dam and reservoir. \nOption A: The 'Godavari' river is one of the largest rivers in peninsular India, but the Hirakud Project is not located on it. \nOption B: The 'Mahanadi' river is a major east-flowing river in Central India. The Hirakud Dam, one of the longest earthen dams in the world, is built across the Mahanadi River in the state of Odisha. This project serves multiple purposes, including flood control, irrigation, and power generation, effectively integrating water conservation with flood management. Therefore, this option is correct. \nOption C: The 'Krishna' river is another major peninsular river, flowing through Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The Hirakud Project is not associated with the Krishna river. \nOption D: The 'Kaveri' (or Cauvery) river is an important river in Southern India, flowing through Karnataka and Tamil Nadu. The Hirakud Project is not on the Kaveri river. \nThus, the Hirakud Project is unequivocally situated on the Mahanadi River.