Adani Enterprises Limited (AEL) and International Resources Holding (IRH) will develop a USD 11.5 billion greenfield aluminium project in Odisha, India.
AEL, part of the Adani Group, and IRH will form a 50:50 joint venture for the proposed project.
IRH is an Abu Dhabi-based natural resources investment platform which is part of the International Holding Company (IHC).
The investment, valued at approximately ₹1.08 lakh crore (USD 11.5 billion), is expected to be Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector.
The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream manufacturing park.
It is expected to generate around 53,500 jobs across construction and operations.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director of Adani Cement, said: “The proposed project reflects our confidence in Odisha as a long-term manufacturing destination.
“The proposed joint venture 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.”
AEL and IRH signed a Memorandum of Understanding (MoU) with the Government of Odisha on Thursday (July 2nd) to develop the project.
The MoU was signed in the presence of Mohan Charan Majhi, Chief Minister of Odisha, Sampad Chandra Swain, Minister for Industries and Skill Development & Technical Education, and senior officials of the Government of Odisha.
The ceremony was attended by Syed Basar Shueb, CEO, Managing Director, and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero.
Karan Adani, along with Sagar Adani, Executive Director of Adani Green Energy Limited (AGEL), represented the Adani Group.
The event also brought together industrialists, industry associations, students from the World Skill Centre, and senior government officials.
The project will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.
During the construction period, the project is expected to create around 35,000 jobs, while the project's mining, alumina refining, aluminium production, and downstream manufacturing operations are expected to support another 18,500 jobs.
The project is also expected to generate indirect employment across logistics, engineering, maintenance, and ancillary industries.
Once operational, the project is expected to strengthen India's aluminium manufacturing base and reinforce Odisha as one of Asia's leading destinations for large-scale industrial investment.
Following the signing of the MoU, the joint venture partners, AEL and IRH, together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals, and infrastructure planning.
