Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform through 2PointZero, on Thursday signed a Memorandum of Understanding (MoU) with the Odisha government to develop a USD 11.5 billion integrated greenfield aluminium project in the state.
Under the agreement, Adani Enterprises and IRH will form a 50:50 joint venture to execute the project, which is expected to become Odisha’s largest foreign direct investment (FDI) proposal and India’s largest foreign direct investment in the metallurgy sector.
The proposed project, valued at around Rs 1.08 lakh crore (USD 11.5 billion), will include a 4 million metric tonnes per annum (MMTPA) 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 project will be developed in two phases, with investments of about Rs 66,000 crore in Phase I and Rs 44,000 crore in Phase II. According to the companies, the investment is expected to generate around 53,500 jobs. During the construction phase, the project is expected to create about 35,000 jobs, while mining, alumina refining, aluminium production and downstream manufacturing operations are expected to support another 18,500 jobs. It is also expected to generate indirect employment in logistics, engineering, maintenance and ancillary industries.
The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, Industries and Skill Development; Technical Education Minister Sampad Chandra Swain and senior government officials.
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 of 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 the partnership reflects the group's strategy of investing in industries that will shape the future 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.
Also read: Adani Enterprises revenue to hit ₹1.5Lcr, 46% growth by FY27
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