Adani Enterprises Ltd. (AEL), the flagship company of the Adani Group, and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform backed by IHC Group through 2PointZero, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop a greenfield integrated aluminium project in the state.
Under the agreement, AEL and IRH will establish a 50:50 joint venture to execute the project, which involves a proposed investment of around ₹1.08 lakh crore (US$11.5 billion). The investment is expected to be Odisha’s largest foreign direct investment (FDI) proposal and India’s biggest FDI in the metallurgy sector.
The integrated project will include a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It is projected to generate approximately 53,500 jobs across the construction and operational phases.
The venture builds on the growing strategic partnership between Adani Group and IHC, which already spans sectors including energy, transmission and artificial intelligence. Earlier this year, IHC Group’s ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India. The latest collaboration with IRH further advances IHC’s multi-billion-dollar investment strategy in India and reinforces its long-term commitment to supporting industrial growth and economic development.
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 state government officials.
Representing IHC were CEO, Managing Director and Board Member Syed Basar Shueb, IRH CEO Ali Rashed AlRashdi and ePointZero CEO Mohamed Hesham. The Adani Group delegation included Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director of Adani Cement, along with Sagar Adani, Executive Director of Adani Green Energy Ltd. (AGEL).
The event also brought together industrial leaders, industry associations, students from the World Skill Centre and senior government officials, highlighting the broad economic ecosystem expected to benefit from the project’s downstream manufacturing potential.
Chief Minister Mohan Charan Majhi said the investment marks Odisha’s entry into the global aluminium supply chain and will help establish the state as a global hub for aluminium and value-added manufacturing. He noted that the project aligns with the state’s Samruddha Odisha 2036 vision and contributes to India’s Viksit Bharat 2047 ambition.
Karan Adani said the proposed project reflects Adani Group’s confidence in Odisha as a long-term manufacturing destination and strengthens its strategic partnership with IHC. He added that the integrated aluminium ecosystem would create jobs, boost value-added manufacturing and enhance India’s industrial competitiveness.
Syed Basar Shueb said the partnership aligns with IHC’s strategy of building long-term platforms in industries shaping the global economy. Through IRH, the group is investing across the critical minerals value chain to strengthen industrial development, improve supply chain resilience and support the global energy transition.
Minister Sampad Chandra Swain said the investment demonstrates growing confidence in Odisha’s industrial ecosystem and reaffirmed the state’s commitment to facilitating timely approvals and smooth project execution.
The project will be implemented in two phases, with Phase I involving an investment of around ₹66,000 crore and Phase II accounting for approximately ₹44,000 crore.
Construction is expected to create about 35,000 jobs, while mining, refining, aluminium production and downstream manufacturing operations are projected to support another 18,500 direct jobs. The development is also expected to generate substantial indirect employment across logistics, engineering, maintenance and ancillary industries.
The investment is expected to strengthen Odisha’s aluminium value chain while enhancing India’s position in global aluminium supply chains. The downstream manufacturing park is expected to attract manufacturers serving sectors such as transport, construction, power, packaging, renewable energy and advanced engineering, while creating opportunities for micro, small and medium enterprises (MSMEs).
Once operational, the project is expected to significantly expand India’s aluminium production capacity and reinforce Odisha’s status as one of Asia’s leading destinations for large-scale industrial investment.
Following the signing of the MoU, AEL, IRH and the Government of Odisha will begin the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.
IHC is among the world’s largest investment companies, with a market capitalisation of around US$233 billion and a portfolio of more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer sectors. IRH, an IHC Group company under 2PointZero, operates a global mine-to-market platform focused on minerals critical to the energy transition and advanced technologies.
Odisha, home to some of India’s largest bauxite reserves, is already a leading producer of alumina and aluminium. The proposed investment is expected to further strengthen the state’s position as a global aluminium manufacturing hub by integrating the entire value chain from mining to downstream production.
