Industry Odisha Bureau, Jul 2: Adani Enterprises Limited (AEL), the flagship company of the Adani Group, and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform and an IHC Group company through 2PointZero, today signed a MoU with the Odisha Government through their newly formed 50:50 joint venture to develop an integrated greenfield aluminium project in the mineral-rich State.
The MoU was signed in the presence of Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, along with Sagar Adani, Executive Director, Adani Green Energy Limited (AGEL), and senior officials of the Government of Odisha.
The proposed investment, valued at approximately Rs 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, an official statement said.
The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, 2 MMTPA aluminium smelter and 1 MMTPA downstream manufacturing park, making it India’s largest integrated aluminium investment, the statement said.
The greenfield project will be developed in two phases with investments of Rs 66,000 crore and Rs 44,000 crore, making it Odisha’s largest Foreign Direct Investment (FDI) proposal, officials claimed.
The investment is expected to create 53,500 jobs and position Odisha as a global aluminium manufacturing hub.
Building on an established partnership across energy, transmission and artificial intelligence (AI), Adani Group and IHC have developed strong strategic ties in recent years.
Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, supporting the country’s energy transition.
This new joint venture with IRH marks the next phase of that relationship, reinforcing the shared ambition of both groups to invest in strategically important industries that support long-term industrial development.
Speaking on the occasion, the Chief Minister 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 state’s contribution to Viksit Bharat 2047, he said.
“The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The 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,” said Karan Adani.
Industries Minister 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.”
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,” he said.
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, officials said.
IHC is one of the world’s largest investment firms, with a market capitalization of USD 233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer.
IRH, an IHC Group company through 2PointZero, is a global mine-to-market platform that strategically invests across the value chain of minerals critical to the energy transition and technological advancement.
Home to some of India’s largest bauxite reserves, Odisha is already a major producer of alumina and aluminium. The investment will reinforce the State’s position as a global aluminium manufacturing hub by integrating the aluminium value chain, from mining to downstream manufacturing, they said.
