Adani Enterprises Limited (AEL), the flagship company of the Adani Group, and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform of IHC Group through 2PointZero, have announced plans to establish a 50:50 joint venture to develop an integrated greenfield aluminium project in Odisha with an estimated investment of USD 11.5 billion (approximately ₹1.08 lakh crore).
The announcement follows the signing of a Memorandum of Understanding (MoU) with the Government of Odisha. The project represents the state’s largest foreign direct investment proposal and one of India’s biggest investments in the metallurgy sector. The integrated complex 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 associated infrastructure. The development will be executed in two phases, with investments of approximately ₹66,000 crore in the first phase and ₹44,000 crore in the second.
The project is expected to generate around 53,500 employment opportunities, including nearly 35,000 jobs during construction and 18,500 permanent positions across mining, refining, aluminium production and downstream manufacturing. Additional indirect employment is anticipated in logistics, engineering, maintenance and ancillary industries.The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, senior state government officials and representatives of both partner organisations.
Commenting on the development, Mohan Charan Majhi said the investment would strengthen Odisha’s position in the global aluminium value chain by integrating mining, refining, smelting and downstream manufacturing within the state. He noted that the project aligns with the state’s long-term industrial development goals while contributing to India’s manufacturing ambitions.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said the proposed venture reflects the partners’ confidence in Odisha’s industrial ecosystem and aims to build an integrated aluminium manufacturing base that will support value-added production, employment generation and industrial competitiveness.
Syed Basar Shueb, Chief Executive Officer of IHC, said the partnership is consistent with the group’s strategy of investing in industries critical to global industrial growth and supply chain resilience. He added that the joint venture with Adani Enterprises will establish a world-scale aluminium platform capable of serving domestic and international markets.
The downstream manufacturing park is expected to attract industries producing aluminium-based components for sectors such as transportation, construction, power, renewable energy, packaging and engineering, while creating opportunities for micro, small and medium enterprises across Odisha.
Following the signing of the MoU, the joint venture partners will initiate the next phase of the project, including land acquisition, statutory approvals and infrastructure planning. Once operational, the project is expected to strengthen India’s aluminium manufacturing capacity and further position Odisha as a key destination in the global aluminium supply chain.
