Dubai, UAE — Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, have agreed to establish a 50:50 joint venture to develop an integrated aluminium project in India’s eastern state of Odisha, with a planned investment of $11.5 billion (₹1.08 lakh crore).
The companies signed a memorandum of understanding with the Odisha government on Thursday for what is expected to be the state’s largest foreign direct investment (FDI) proposal and India’s biggest foreign investment in the metallurgy sector.
The project 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, supported by related infrastructure.
Largest FDI proposal for Odisha
The investment will be implemented in two phases, with approximately ₹66,000 crore allocated to the first phase and ₹44,000 crore to the second.
The project is expected to generate around 53,500 jobs, including about 35,000 during construction and a further 18,500 permanent positions across mining, refining, aluminium production and downstream manufacturing.
Officials said the development would strengthen Odisha’s position as one of India’s leading metals-producing states while expanding value-added manufacturing.
Partnership expands India investment
The aluminium venture builds on a growing partnership between the Adani Group and Abu Dhabi’s IHC Group, which have collaborated across energy, transmission and artificial intelligence projects.
Earlier this year, IHC subsidiary ePointZero entered a joint venture with Adani Green Energy to develop renewable energy projects across India.
The new investment forms part of IHC’s broader multi-billion-dollar strategy to expand its presence in India through investments in strategically important industries.
Officials highlight economic impact
Odisha Chief Minister Mohan Charan Majhi said the investment would help integrate the state’s aluminium value chain from mining to downstream manufacturing, positioning Odisha as a global aluminium production hub.
Karan Adani, managing director of Adani Ports and Special Economic Zone and director of Adani Cement, said the project reflected the group’s long-term confidence in Odisha as a manufacturing destination.
Syed Basar Shueb, CEO and managing director of IHC, said the partnership aligned with the company’s strategy of investing in critical minerals and industrial supply chains that support the global energy transition.
Following the signing of the MoU, the partners will begin work on land acquisition, statutory approvals and infrastructure planning before construction begins.
