- Adani Enterprises and Abu Dhabi-based IHC Group’s IRH ink landmark MoU with the Odisha Government to establish India’s largest integrated greenfield aluminium ecosystem
- ₹1.08-lakh-crore investment to create the nation’s biggest metallurgy FDI, transforming Odisha into a global aluminium and value-added manufacturing powerhouse
- Mega project to include a 4 MMTPA alumina refinery, 2 MMTPA aluminium smelter, 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park
- Two-phase investment expected to generate 53,500 direct jobs while catalysing MSMEs, advanced manufacturing and India’s clean industrial ambitions
- Chief Minister Mohan Charan Majhi hails the pact as Odisha’s gateway to the global aluminium supply chain, while Adani Group and IHC reaffirm their long-term strategic partnership in India
NE BUSINESS BUREAU
BHUBANESWAR, JULY 3
In one of India’s most significant industrial investment announcements, Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the Abu Dhabi-based natural resources platform of IHC Group through 2PointZero, on Thursday signed a Memorandum of Understanding (MoU) with the Government of Odisha to establish a USD 11.5-billion (₹1.08 lakh crore) integrated greenfield aluminium project that is set to redefine India’s role in the global aluminium value chain.
The proposed 50:50 joint venture between AEL and IRH represents Odisha’s largest-ever Foreign Direct Investment (FDI) proposal and the largest foreign investment in India’s metallurgy sector, positioning the mineral-rich state as a global destination for aluminium production and downstream manufacturing.
The mega project will comprise a 4 million metric tonnes per annum (MMTPA) alumina refinery, 2 MMTPA aluminium smelter, 4,000-megawatt captive power plant and a 1 MMTPA downstream manufacturing park, supported by world-class infrastructure. The integrated complex will be developed in two phases, attracting investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.
The MoU was signed in the presence of Chief Minister Mohan Charan Majhi, Industries, Skill Development & Technical Education Minister Sampad Chandra Swain and senior government officials.
The high-profile ceremony was attended by Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; Mohamed Hesham, CEO of ePointZero; Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director of Adani Cement; and Sagar Adani, Executive Director of Adani Green Energy Limited (AGEL). Leading industrialists, industry associations, students from the World Skill Centre and senior bureaucrats also participated, underscoring the transformative potential of the project.
The proposed investment is expected to generate 53,500 employment opportunities, including nearly 35,000 jobs during construction and 18,500 permanent jobs across mining, refining, smelting and downstream manufacturing. It is also expected to create substantial indirect employment in logistics, engineering, maintenance and ancillary industries.
Building on an already expanding strategic relationship across energy, transmission and artificial intelligence, the latest venture marks another milestone in the partnership between the Adani Group and IHC. Earlier this year, ePointZero, another IHC Group company, entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, reinforcing IHC’s multi-billion-dollar investment strategy in the country.
Speaking on the occasion, Chief Minister Mohan Charan Majhi said: “Today marks Odisha’s entry into the global aluminium supply chain. Already India’s leading hub for metals and mineral-based industries, the state is now poised to become a global centre for aluminium and value-added manufacturing. This investment will enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state. It is an important step towards Samruddha Odisha 2036 and our contribution to Viksit Bharat 2047.”
Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said: “The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India’s industrial competitiveness.”
Syed Basar Shueb, CEO of IHC, said: “At IHC, we are building long-term platforms in industries that will define the future of the global economy. Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience and advance the energy transition. This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminium project that creates lasting economic value.”
Industries Minister Sampad Chandra Swain said: “This investment reflects growing confidence in Odisha’s industrial ecosystem. The Government will work with all stakeholders to provide timely approvals and facilitate the project’s implementation.”
The integrated project is expected to deepen value-added aluminium manufacturing in Odisha while significantly strengthening India’s position in global aluminium supply chains. The downstream manufacturing park is designed to attract industries producing components for transport, construction, power, packaging, renewable energy and advanced engineering, thereby accelerating the growth of micro, small and medium enterprises (MSMEs) across the state.
Following the signing of the MoU, the joint venture partners and the Odisha Government will jointly advance land acquisition, statutory approvals and infrastructure planning, paving the way for one of Asia’s most ambitious aluminium manufacturing ecosystems.
Backed by one of the world’s largest investment firms, IHC, with a market capitalisation of approximately USD 233 billion and a diversified portfolio of over 1,300 subsidiaries, the project reflects growing global investor confidence in India’s industrial future and Odisha’s emergence as a strategic manufacturing destination.
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