Adani Enterprises and IHC Group Company IRH to form a 50:50 Joint Venture for USD 11.5 Billion Aluminium Project, Positioning Odisha in the Global Aluminium Supply Chain

Adani Enterprises and International Resources Holding (IRH) will form a 50:50 joint venture to build an integrated aluminium complex in Odisha, valued at USD 11.5 billion. The plan includes an alumina refinery, aluminium smelter, captive power plant, and downstream manufacturing park, creating tens of thousands of jobs and strengthening India’s metal sector.

Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an Abu Dhabi-based natural resources company backed by IHC Group, have signed a Memorandum of Understanding (MoU) with the Odisha government to develop an integrated aluminium project worth approximately USD 11.5 billion (around Rs 1.08 lakh crore) in the state.

The proposed project will be developed through a 50:50 joint venture between Adani Enterprises and IRH. According to the companies, the investment is expected to be Odisha's largest Foreign Direct Investment (FDI) proposal and India's biggest foreign investment in the metallurgy sector.

The integrated greenfield project 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. The companies said the project would be implemented in two phases, with investments of approximately Rs 66,000 crore in Phase I and Rs 44,000 crore in Phase II.

The investment is expected to generate around 53,500 employment opportunities, including nearly 35,000 jobs during the construction phase and another 18,500 jobs during operations across mining, alumina refining, aluminium production and downstream manufacturing. Indirect employment is also expected to be created 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 government officials and representatives from Adani Group and IHC Group. Speaking at the event, Chief Minister Mohan Charan Majhi said the investment would help integrate Odisha's aluminium value chain—from mining and refining to smelting and downstream manufacturing—and strengthen the state's position in the global aluminium supply chain. He added that the project aligns with the state's long-term industrial development goals.

Karan Adani, who represented the Adani Group at the signing ceremony, said the proposed joint venture reflects the group's confidence in Odisha as a long-term manufacturing destination. He said the project aims to create jobs, promote value-added manufacturing and enhance India's industrial competitiveness.

Syed Basar Shueb said the partnership is part of IHC's strategy to build long-term investments in industries critical to global economic growth and supply chain resilience. According to the companies, the downstream manufacturing park is expected to attract industries producing components for sectors including transport, construction, power, packaging, renewable energy and advanced engineering. The project is also expected to support the growth of micro, small and medium enterprises (MSMEs) in Odisha.

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. Once operational, the project is expected to strengthen India's aluminium manufacturing capacity while reinforcing Odisha's position as a major destination for large-scale industrial investment, according to the companies.