THEBUSINESSBYTES BUREAU

BHUBANESWAR, JULY 2, 2026

In one of the largest foreign investment commitments in India's metals sector, Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform of the IHC Group through 2PointZero, on Thursday signed a Memorandum of Understanding (MoU) with the Odisha Government to establish an integrated greenfield aluminium project with a proposed investment of ₹1.08 lakh crore (USD 11.5 billion).

The landmark project, to be developed through a 50:50 joint venture between AEL and IRH, is expected to be Odisha's largest-ever Foreign Direct Investment (FDI) proposal and India's biggest foreign direct investment in the metallurgy sector, significantly strengthening the state's position in the global aluminium value chain.

The MoU was signed in the presence of Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, senior government officials, and top executives from the Adani Group and IHC.

The proposed integrated project will comprise 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. The project will be implemented in two phases, with an estimated investment of ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.

Besides significantly enhancing India's aluminium production capacity, the project is expected to generate approximately 53,500 employment opportunities, including 35,000 jobs during the construction phase and another 18,500 jobs across mining, alumina refining, aluminium production and downstream manufacturing operations. It is also expected to create substantial indirect employment in logistics, engineering, maintenance and ancillary industries.

The investment marks a major expansion of the strategic partnership between the Adani Group and IHC, which already collaborate across sectors including energy, transmission and artificial intelligence. Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India. The proposed aluminium venture with IRH further deepens this relationship and underscores both groups' commitment to investing in strategically important industries with long-term economic potential.

The signing ceremony witnessed the presence of Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; Mohamed Hesham, CEO of ePointZero; Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement; and Sagar Adani, Executive Director of Adani Green Energy Limited (AGEL). Leading industrialists, industry associations, students from the World Skill Centre and senior government officials also attended the event, highlighting the broad industrial ecosystem expected to benefit from the project's downstream manufacturing potential.

Speaking on the occasion, Chief Minister Mohan Charan 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. 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 our contribution to Viksit Bharat 2047."

Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said, "The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed 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."

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."

Industries Minister Sampad Chandra 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."

The downstream manufacturing park proposed under the project is expected to attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering sectors, providing a major boost to micro, small and medium enterprises (MSMEs) across Odisha.

With Odisha already possessing some of India's largest bauxite reserves and being a leading producer of alumina and aluminium, the project is expected to further strengthen the state's leadership in the sector by creating a fully integrated aluminium value chain—from mining and refining to smelting and downstream manufacturing.

Following the signing of the MoU, the joint venture partners and the Odisha Government will initiate the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.

The investment is expected to significantly enhance India's aluminium manufacturing capabilities, improve supply chain resilience, promote value-added exports and firmly position Odisha among Asia's foremost destinations for large-scale industrial investment and global aluminium manufacturing.