THEBUSINESSBYTES BUREAU

ABU DHABI/DUBAI/BHUBANESWAR, SEPTEMBER 9, 2026

Odisha’s investment outreach in the UAE gained significant momentum on Wednesday, with the state government signing an MoU with International Holding Company (IHC) and the Adani Group to explore 14 new projects involving an indicative investment of ₹2.1 lakh crore and the potential to generate around 8.68 lakh jobs.

Led by Chief Minister Mohan Charan Majhi, the first day of substantive engagements during the state’s UAE visit focused on expanding Odisha’s global investment partnerships across aluminium, critical minerals, petrochemicals, renewable energy, healthcare, infrastructure, tourism and other sectors.

The agreements come on the back of a landmark MoU signed on July 2, 2026, and further strengthen the partnership between IHC and the Adani Group, which is already associated with the proposed integrated aluminium project in Odisha.

The day began with a high-level roundtable involving IHC’s business verticals and group companies. The meeting was attended by IHC Managing Director, CEO and Board Member Syed Basar Shueb, Adani Ports and Special Economic Zone Managing Director Karan Adani and Adani Green Energy Executive Director Sagar Adani, besides senior representatives from several IHC businesses.

Discussions also advanced the consideration of potential sites for the integrated aluminium project. Land has been proposed for an alumina refinery in Kalyansinghpur tehsil of Rayagada district and an aluminium smelter in Sadar Sundargarh tehsil of Sundargarh district, providing further momentum to the project’s development.

The new MoU between the Odisha government, IHC and the Adani Group envisages exploring 14 projects with an indicative investment of ₹2,10,500 crore and employment potential of approximately 8,68,200 people. The proposed investment portfolio covers metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, industrial infrastructure, tourism, skill development and sports infrastructure.

For Odisha, the expanded partnership could mark a shift from attracting investments around individual projects to building a broader industrial ecosystem involving international capital, technology and market access.

The state also stepped up efforts to deepen its commercial ties with the UAE through an agreement with the Indian Business and Professional Group (IBPG). During a meeting with IBPG representatives led by president Rajiv Shah and general secretary Varun Wahi, discussions centred on attracting investment and strengthening trade links between Odisha and UAE-based businesses.

A Memorandum of Cooperation between the Odisha government and IBPG will seek to promote bilateral trade and identify investment opportunities in the state. The discussions also explored ways to increase exports of Odisha products, including turmeric, ginger and seafood, while encouraging contract manufacturing for leading UAE brands and creating opportunities for highly skilled manpower.

Odisha-based entrepreneurs participating in the interaction highlighted opportunities to expand business partnerships, improve market linkages and strengthen access to the UAE market.

In another significant sectoral outreach, Majhi met Borouge CEO Hazeem Sultan Al Suwaidi and invited the petrochemicals major to explore the development of a large-scale chemicals downstream complex in Odisha. The proposed facility could leverage feedstock linkages with Indian Oil Corporation’s proposed naphtha cracker at Paradip.

Borouge, a major producer of polyethylene and polypropylene used across infrastructure, energy, mobility, healthcare, agriculture and advanced packaging, reported revenue of $5.85 billion in calendar year 2025. An investment by the company in Odisha could bring global polymer expertise to the state while supporting greater downstream value addition in its petrochemical ecosystem.

Infrastructure and institutional investment also featured prominently in the UAE outreach. At a separate roundtable with UAE-based investment institutions, the chief minister presented a range of government projects that could be developed through public-private partnerships.

The discussions focused on institutional participation in Odisha’s infrastructure pipeline, project evaluation and opportunities for long-term investment partnerships. Senior representatives from UAE-based investment and business institutions, including Abdulha Zeini Jafri, Divisional Director, IFC GCC; Giulio Occhuonereo, Head of Quantitative Research Development, IRH Global Trending; and Francesca Maria, MD of Elliptic FZ, participated in the discussions.

The opening day of Odisha’s UAE investment outreach has consequently broadened the state’s pitch beyond traditional industrial investments, bringing together global capital, trade, ports, infrastructure and emerging sectors.