Bhubaneswar, July 2: A groundbreaking integrated greenfield aluminum project worth ₹1.08 lakh crore ($11.5 billion) is set to be established in Odisha. This venture is a 50:50 joint partnership between Adani Enterprises Limited (AEL) and Abu Dhabi-based International Resources Holding (IRH), a company under the IHC Group. The announcement was made on Thursday.
This project will mark the largest foreign direct investment (FDI) proposal in Odisha’s history and is considered the biggest FDI investment in India’s metallurgy sector to date.
The greenfield project will be developed in two phases. The first phase will see an investment of ₹66,000 crore, while the second phase will involve ₹44,000 crore. This investment is expected to generate 53,500 jobs and help position Odisha as a global hub for aluminum manufacturing.
Odisha’s Chief Minister Mohan Charan Majhi stated that this investment will give the state a new identity in the global aluminum supply chain. He emphasized that Odisha is already a key center for metal and mineral-based industries and is now on the path to becoming a global hub for aluminum and value-added manufacturing.
The project will develop a complete aluminum value chain in Odisha, encompassing mining, alumina refining, smelting, and downstream manufacturing, leading to greater value addition within the state.
Key components of the project include a 4 million metric tons per annum (MMTPA) alumina refinery, a 2 MMTPA aluminum smelter, a 4,000 megawatt captive power plant, and a downstream manufacturing park with a capacity of 1 MMTPA. Essential infrastructure will also be developed.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director of Adani Cement, remarked that this proposed project reflects their commitment to making Odisha a long-term manufacturing center. He noted that this joint venture will further strengthen the partnership between Adani Group and the IHC Group.
Adani added that, with the support of the Odisha government, an integrated aluminum ecosystem will be created, generating employment, promoting value-added manufacturing, and enhancing India’s industrial competitiveness.
According to the company, approximately 35,000 jobs will be created during the construction phase, while an additional 18,500 jobs will be generated in mining, alumina refining, aluminum production, and downstream manufacturing once the project becomes operational.
Moreover, there is potential for significant indirect employment opportunities in logistics, engineering, maintenance, and ancillary industries.
Once fully operational, the project will bolster India’s aluminum production capacity and further solidify Odisha’s position as one of Asia’s largest industrial investment centers.
Syed Basar Shuaib, CEO of IHC, stated that through IRH, the company is investing in the entire value chain of critical minerals necessary for energy transition and technological advancement. He emphasized that the partnership with Adani Enterprises is part of a broader strategy aimed at developing a world-class integrated aluminum project that generates long-term economic value.
IHC is one of the world’s largest investment companies, with a market capitalization of $233 billion and a diverse portfolio of over 1,300 subsidiaries across technology, infrastructure, financial services, and consumer sectors.
IRH operates a global ‘mine-to-market’ platform through IHC Group’s 2PointZero, strategically investing in the entire value chain of minerals essential for energy transition and technological progress.
The strategic partnership between Adani Group and IHC has strengthened over recent years. Earlier this year, IHC’s subsidiary, EpointZero, announced a joint venture with Adani Green Energy to develop renewable energy projects in India, aimed at accelerating the country’s energy transition efforts.
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