- Adani Group and IHC Abu Dhabi sign a landmark MoU for one of the world’s largest integrated aluminium ecosystem investments, spanning refinery, smelter, downstream park and clean energy infrastructure
- USD 11.5-billion project expected to generate over 53,000 jobs, accelerate value-added manufacturing and propel Odisha from a mineral-rich state to a global industrial hub
- Karan Adani says the initiative is more than a mega investment—it is a catalyst for livelihoods, entrepreneurship and India’s Viksit Bharat vision, with Odisha at the heart of eastern India’s economic transformation
- Integrated project to combine aluminium production, captive and renewable power, downstream industries and world-class infrastructure, reinforcing India’s strategic manufacturing capabilities and global competitiveness
NE BUSINESS BUREAU
BHUBANESWAR, JULY 2
In one of the largest industrial investment announcements in India’s manufacturing history, Adani Group and IHC Abu Dhabi on Wednesday signed a landmark Memorandum of Understanding (MoU) to establish a fully integrated aluminium ecosystem in Odisha with a proposed investment of USD 11.5 billion (about ₹1.08 lakh crore)—a transformative project that promises to redefine the State’s industrial landscape and strengthen India’s journey towards becoming a global manufacturing powerhouse.
Addressing the MoU signing ceremony in the presence of Odisha Chief Minister Mohan Charan Majhi, Industries Minister Sampad Charan Swain, senior government officials and IHC Abu Dhabi Managing Director and CEO Syed Basar Shueb, Karan Adani, Managing Director of Adani Ports and SEZ Ltd., described the project as “the beginning of a new economic chapter for Odisha” with far-reaching implications for the nation’s industrial future.
Beginning his address with “Jai Jagannath”, Karan Adani paid tribute to Odisha’s civilisational heritage, describing it as a land where “ancient heritage and modern aspirations come together.”
He celebrated Odisha’s rich cultural legacy—from the Jagannath tradition and the Rath Yatra to the Konark Sun Temple, Lingaraj Temple and Odissi dance—while highlighting the State’s emergence as one of India’s most strategically significant industrial destinations.
Pointing to Odisha’s vast reserves of bauxite, iron ore, coal, chromite, manganese, limestone and dolomite, Karan Adani said the State possesses an unparalleled foundation for building globally competitive manufacturing ecosystems.
“With a proactive Government under the dynamic leadership of the Honourable Chief Minister along with strong policy support, Odisha is transitioning from a raw material supplier to a value-added manufacturing hub.”
Describing the proposed investment as one of the world’s largest integrated aluminium projects, he said:
“Today, we are gathered not merely to witness the historic MoU but to herald the beginning of a new economic chapter for Odisha, which will shape and accelerate the growth trajectory of Bharat.”
The integrated industrial ecosystem will include an alumina refinery with a capacity of nearly four million tonnes per annum, an aluminium smelter of about two million tonnes annually, and a downstream aluminium park capable of producing nearly one million tonnes every year.
The project will be supported by approximately 4,000 MW of captive power generation along with 400 MW of renewable energy, reflecting the Group’s commitment to combining industrial growth with cleaner energy solutions.
Karan Adani emphasised that the project’s real significance extends well beyond its investment size.
“These numbers are not merely statistics. They represent the foundation of a new industrial future.”
He said the project is expected to create nearly 35,000 jobs during the construction phase and support around 18,500 long-term employment opportunities once operational.
“Behind every one of these numbers is a family, a dream, a young person acquiring a skill, a small business receiving an order, a local entrepreneur finding a market, and a community seeing new opportunities.”
Linking the investment to the national vision of Viksit Bharat 2047, Karan Adani said Odisha’s industrial transformation would play a decisive role in India’s emergence as a developed economy.
“A Viksit Bharat will require Viksit Odisha—a Samrudh Odisha by 2036. An Odisha that adds value to its minerals. An Odisha that builds world-class manufacturing ecosystems. An Odisha that generates jobs for its youth.”
Recalling Adani Group Chairman Gautam Adani’s long-standing belief in Odisha’s potential, Karan Adani said:
“Our Chairman, Shri Gautam Adani, has always seen Odisha as the heart of eastern India’s economic development. He sees in Odisha not just resources, but resilience. Not just geography, but destiny. Not just potential, but the power to lead India’s next wave of industrial growth.”
Addressing the people of Odisha directly, he underscored the Group’s long-term commitment to inclusive development.
“To the people of Odisha, I want to say this: this project belongs to you. It is meant to create opportunities for your children, strengthen your local economy, support your entrepreneurs, and take Odisha to the world.”
He also thanked the Odisha Government for its vision and policy support, while expressing confidence in the partnership with IHC Abu Dhabi.
“Together, let us build an Odisha that transforms eastern India. Together, let us build an Odisha that strengthens Bharat. Together, let us make history.”
The mega investment is expected to significantly deepen India’s aluminium value chain, promote downstream manufacturing, enhance export competitiveness, attract ancillary industries and reinforce Odisha’s position as one of the country’s foremost destinations for large-scale industrial investment.
