Adani Enterprises Limited and International Resources Holding, an Abu Dhabi-based natural resources investment platform under the IHC Group, have signed an MoU with the Odisha government to build a $11.5 billion (roughly Rs. 1.08 lakh crore) integrated aluminium project in the state. The agreement, signed on July 2 in Bhubaneswar, sets up a 50:50 joint venture between the two companies and is being positioned as Odisha's largest FDI proposal and India's largest foreign investment in the metallurgy sector.
The greenfield facility will combine a 4 million-tonne-per-annum alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt captive power plant, and a 1 MMTPA downstream manufacturing park, along with supporting infrastructure. The scale is designed to cover the full aluminium value chain within the state, from mining and refining to smelting and finished manufacturing, rather than leaving downstream production to be handled elsewhere.
“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,” said Karan Adani, MD, Adani Ports & SEZ.
“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,” he added.
The project will roll out in two phases, with about Rs. 66,000 crore allocated to Phase I and Rs. 44,000 crore to Phase II. Together, the companies expect the investment to generate around 53,500 jobs: roughly 35,000 during construction and another 18,500 through ongoing operations across mining, refining, smelting, and downstream manufacturing once the facility is running. Officials also expect meaningful indirect employment in logistics, engineering, and ancillary industries connected to the project.
Odisha 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 center 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,” he added.
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This deal builds on a growing relationship between the two groups. Earlier this year, IHC Group company ePointZero entered a separate joint venture with Adani Green Energy to develop renewable energy projects across India.
Syed Basar Shueb, CEO, IHC, said, “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,” he said.
With the Odisha aluminium project now added to that partnership, the two conglomerates are expanding their collaboration across minerals, energy, and industrial manufacturing, reinforcing Odisha's ambitions under its Samruddha Odisha 2036 industrial roadmap.