Adani, IHC's IRH Partner on $11.5 Billion India Aluminium Project

BHUBANESWAR, INDIA – Adani Enterprises Limited (AEL), the flagship company of the Adani Group, and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform and an IHC Group company through 2PointZero, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop an integrated greenfield aluminium project in the mineral-rich state. According to WAM, AEL and IRH will establish a 50:50 joint venture to deliver the proposed development.

The proposed investment, valued at approximately ₹1.08 lakh crore (US$11.5 billion), is expected to be Odisha's largest foreign direct investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector.

The project will comprise a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It is expected to generate approximately 53,500 jobs across construction and operations.

Building on an established partnership across energy, transmission and artificial intelligence (AI), Adani Group and IHC have strengthened their strategic relationship in recent years. Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, supporting the country's energy transition.

The new joint venture with IRH marks another milestone in IHC's previously announced multi-billion-dollar investment strategy for India, reinforcing the Group's long-term commitment to investing across strategically important sectors that support industrial growth and economic development.

The MoU was signed in the presence of Shri Mohan Charan Majhi, Chief Minister of Odisha; Shri Sampad Chandra Swain, Minister for Industries and Skill Development & Technical Education; and senior officials from the Government of Odisha.

The ceremony was attended by Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero. Representing the Adani Group were Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director of Adani Cement, along with Sagar Adani, Executive Director of Adani Green Energy Limited (AGEL).

The event also brought together industrial leaders, industry associations, students from the World Skill Centre, and senior government officials, reflecting the wider 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 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 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."

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 project will be developed in two phases, with investments of approximately ₹66,000 crore (US$7.04 billion) in Phase I and ₹44,000 crore (US$4.69 billion) in Phase II.

During construction, the development is expected to create around 35,000 jobs, while mining, alumina refining, aluminium production and downstream manufacturing operations are projected to support an additional 18,500 jobs. The project is also expected to generate significant indirect employment across logistics, engineering, maintenance and ancillary industries.

The investment will strengthen value-added aluminium manufacturing in Odisha while reinforcing India's position in global aluminium supply chains. The downstream manufacturing park is expected to attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering, supporting the growth of micro, small and medium enterprises (MSMEs) across the state.

Once operational, the project is expected to strengthen India's aluminium manufacturing base while reinforcing Odisha's position as one of Asia's leading destinations for large-scale industrial investment.

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

IHC is one of the world's largest investment firms, with a market capitalisation of US$233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer sectors. IRH, an IHC Group company through 2PointZero, is a global mine-to-market platform investing across minerals critical to the energy transition and technological advancement.

Home to some of India's largest bauxite reserves, Odisha is already a major producer of alumina and aluminium. The investment will reinforce the state's position as a global aluminium manufacturing hub by integrating the aluminium value chain, from mining to downstream manufacturing.