Adani Enterprises and UAE’s IHC plan $11.5 billion integrated aluminium project in Odisha

India’s Adani Group and Abu Dhabi’s International Holding Company (IHC) are looking to invest $11.5 billion in a massive aluminum project in the eastern state of Odisha, the Indian conglomerate said on Thursday. The two parties signed a memorandum of understanding with the Odisha state government, Adani said in a statement, with the proposed investment set to be India’s “largest foreign direct investment in the metallurgy sector”. The statement said the Odisha project will see Adani Enterprises Limited and an IHC subsidiary form a 50/50 joint venture. The project itself will consist of a refinery that can produce four million metric tonnes of aluminium per year, a smaller-capacity aluminum smelter and a 4,000-megawatt captive power plant. The project is expected to create 53,500 jobs, with 35,000 during ​construction and another 18,500 once operations begin, an official said ​at ⁠the MoU signing ceremony. Odisha, home to some of India’s ​largest bauxite reserves ​used to produce ⁠aluminum, accounts for 54 per cent of the country’s aluminum output. “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,” Syed Basar Shueb, chief executive of IHC, said in a statement. The investment comes as ⁠India seeks to expand domestic aluminium production to meet growing demand from ​the infrastructure, power, transport and renewable energy industries, while reducing reliance on imports ​of value-added metal products. While New Delhi is the world’s second-largest producer of aluminum, it still depends on imports to keep up with booming demand from local industries. Last year, Indian policymakers unveiled a strategic plan to boost domestic output by scaling up production six-fold by 2047 and doubling the national aluminium recycling rate. Four years ago, India and the UAE signed a broad trade and investment pact that would eventually cut all tariffs on each other’s goods and aimed to increase annual trade between the two nations to $100 billion within five years.

Said To Be The Largest FDI In India’s Mining & Metallurgy Sector

Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi on Thursday called the signing of a major investment agreement between the state government, Adani Enterprises and Abu Dhabi-based International Holding Company a historic step for the state’s industrial growth.Major InvestmentThe Memorandum of Understanding (MoU) involves an investment of USD 11.5 billion, or around Rs 1.10 lakh crore, for an integrated aluminium value chain project in Odisha.The project will be developed through a joint venture between Adani Enterprises and International Resources Holding (IRH), a company under IHC Group.Chief Minister Majhi said this could become India’s largest foreign direct investment in the mining and metallurgy sector. JSW Steel Starts ₹65,000 Crore Paradeep Project, 13.2 MTPA Odisha Plant To Boost Manufacturing GrowthJobs And GrowthThe proposed project is expected to generate more than 53,500 employment opportunities, directly and indirectly.Majhi said the investment will help Odisha become an important part of the global aluminium supply chain.He added that the state wants to move beyond simply selling raw minerals and instead focus on value-added manufacturing that creates jobs and boosts industrial growth.Complete Aluminium ChainThe project will cover the entire aluminium production process.This includes bauxite mining, alumina refining, aluminium smelting, captive power plants, downstream aluminium manufacturing and supporting infrastructure.According to the Chief Minister, this will strengthen Odisha’s position as a major industrial hub. Odisha Clears 23 Industrial Projects Worth ₹4,510 Crore, Set To Create Over 10,000 JobsFocus On Green MetalsMajhi said global demand is rising for green metals and environmentally sustainable industrial production.He said Odisha is working to become a leader in this fast-growing sector.The project is expected to support the state’s long-term development goals under Samruddha Odisha 2036 and Viksit Bharat 2047.Government SupportThe Odisha government has promised full support for the project, including land, water, power, logistics and faster approvals.Karan Adani praised Odisha’s mineral strength and industrial potential, saying the state has vast bauxite reserves and more than 50% of India’s iron ore resources, making it a key pillar of India’s industrial economy.

Designed as a fully integrated aluminium value chain, the proposed project will include a 4-million-tonne-per-annum alumina refinery.

Project to create 53,500 jobs includes aluminium refinery and 4,000MW captive power plant

Massive FDI to create alumina refinery, smelter, power plant and 53,500 jobs in the state