Adani Group And UAE firm to set up alumunium plant in Odisha for Rs 1.08 Lakh Crore
Bhubaneswar, July 2: Adani Enterprises Limited (AEL) and UAE’s International Resources Holding (IRH) will develop an integrated greenfield alumunium project in the mineral-rich Odisha in partnership with the state government.
AEL, the flagship company of the Adani Group, and IRH, the Abu Dhabi-based natural resources investment platform and IHC Group company, today signed a Memorandum of Understanding (MoU) with the Government of Odisha through their newly formed 50:50 joint venture to develop the project.
The proposed 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 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, supported by enabling infrastructure. It is expected to generate around 53,500 jobs across construction and operations.
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.
The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, and was attended by IHC CEO, Managing Director and Board Member Syed Basar Shueb; IRH CEO Ali Rashed AlRashdi and Adani Ports and Special Economic Zone (APSEZ) Managing Director Karan Adani.
Speaking on the occasion, 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.”
He said this investment would enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state.
Karan Adani 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.”
Shueb 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.”
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.
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.
About IHC and IRH
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. (BVI)
