Bhubaneswar: In one of the biggest industrial investment announcements in Odisha’s history, the State Government on July 2 signed a Memorandum of Understanding (MoU) with Adani Enterprises Ltd. (AEL) and the International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform of the UAE’s International Holding Company (IHC) Group, to establish a mega integrated greenfield aluminium project in Odisha with a proposed investment of USD 11.5 billion (approximately Rs 1.10 lakh crore).
The landmark investment, regarded as Odisha’s largest proposed Foreign Direct Investment (FDI) and one of the biggest foreign investments in India’s metallurgy sector, is expected to transform the state into a global aluminium manufacturing hub while generating more than 53,500 direct and indirect employment opportunities.
A landmark milestone in Odisha's industrial journey as Smt. Aboli Sunil Naravane, MD, IPICOL, & Mr. Ali Rashed AlRashdi, Chief Executive Officer, International Resources Holding (IRH) exchanged the signed MoU for proposed Integrated Aluminium Value Chain Project. #InvestInOdisha pic.twitter.com/77s4gXN3tA
— Invest Odisha (@InvestInOdisha) July 2, 2026
The MoU was signed at the Lok Seva Bhawan Convention Centre in Bhubaneswar in the presence of Chief Minister Mohan Charan Majhi, senior ministers, top government officials, and representatives of the Adani Group and IHC.
The project will be developed through a 50:50 joint venture between Adani Enterprises and International Resources Holding, marking the Adani Group’s formal entry into the aluminium manufacturing sector.
Largest Industrial Investment in Odisha
The proposed integrated aluminium project represents a major milestone in Odisha’s industrial development strategy and aligns with the State Government’s vision of building a “Prosperous Odisha 2036” while contributing to the national objective of “Viksit Bharat 2047.”
With an estimated investment of around Rs 1.08 lakh crore, the project is expected to establish a complete aluminium value chain in Odisha from mining and refining to smelting, downstream manufacturing and infrastructure development.
Hon'ble @CMO_Odisha Shri @MohanMOdisha welcomed the representatives of International Holding Company (@ihc__official), UAE, @AdaniOnline & their partners, describing the MoU as the beginning of a long-term partnership built on trust and shared ambition.#InvestInOdisha pic.twitter.com/5eNH4wqHsQ
— Invest Odisha (@InvestInOdisha) July 2, 2026
The investment will be executed in two phases, with Phase I involving an investment of approximately Rs 66,000 crore and Phase II requiring around Rs 44,000 crore. Adani Enterprises will finance its share of the investment through a combination of internal accruals and debt.
More Than 53,500 Employment Opportunities
One of the biggest highlights of the project is its employment generation potential.
According to the State Government, the integrated project is expected to create over 53,500 direct and indirect jobs, including approximately 35,000 employment opportunities during the construction phase and nearly 18,500 permanent jobs once commercial operations begin.
Besides direct employment, the project is expected to generate thousands of additional livelihood opportunities through ancillary industries, logistics, transportation, maintenance services, and MSME participation across Odisha.
Chief Minister Calls It a Historic Milestone
Addressing the gathering, Chief Minister Mohan Charan Majhi described the agreement as a historic step in Odisha’s industrial journey and said it would position the state as a major player in the global aluminium supply chain.
Today marks a defining milestone in Odisha's industrial journey. I was pleased to join the MoU signing ceremony between IPICOL and International Holding Company (IHC), Abu Dhabi, for a proposed mega integrated aluminium value chain project in Odisha.
The proposed project will be… pic.twitter.com/u3IrIEWZ6x
— Mohan Charan Majhi (@MohanMOdisha) July 2, 2026
He said Odisha possesses abundant mineral wealth, a skilled workforce and a rapidly improving industrial ecosystem, while the partnership with the UAE’s IHC Group would combine these strengths with global investment and technological expertise.
“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,” the Chief Minister said.
He added that the government is committed to ensuring that Odisha moves beyond merely exporting raw minerals and instead focuses on value addition, manufacturing and employment generation.
According to the Chief Minister, the project perfectly complements the government’s long-term vision of building a prosperous, modern and inclusive Odisha by 2036.
Majhi further said the State Government would provide all necessary support for the project’s implementation, including timely availability of land, water, power, logistics infrastructure and statutory approvals.
He also highlighted the growing global emphasis on green metals and environmentally sustainable industrialisation, stating that Odisha is determined to emerge as a leader in this rapidly evolving sector.
Expansion Beyond Aluminium
The Chief Minister said the partnership with the IHC Group would extend well beyond aluminium production. He stated that both sides would explore collaboration in emerging sectors, including research and development (R&D), metallurgy, digital technologies, Global Capability Centres (GCCs), and advanced manufacturing. Such cooperation, he said, would help Odisha attract cutting-edge technology, promote innovation, enhance industrial capabilities, and generate high-skilled employment opportunities across the state.
Adani Group Commits Long-Term Investment
Speaking at the event, Karan Adani, Managing Director of Adani Ports and SEZ Ltd., said the proposed project reflects the Adani Group’s confidence in Odisha’s industrial potential.
“The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed joint venture between Adani Group and IHC Group will further strengthen our robust partnership,” he said. He added that together with the Government of Odisha, the companies would develop an integrated aluminium ecosystem capable of creating employment, expanding value-added manufacturing and strengthening India’s global industrial competitiveness.
Karan Adani further noted that Odisha’s vast mineral reserves—including the country’s largest bauxite deposits and more than half of India’s iron ore resources—make it one of the most attractive destinations for large-scale industrial investments. He said progressive policy reforms undertaken by the State Government have transformed Odisha from being primarily a supplier of raw materials into a rapidly emerging value-added manufacturing hub.
According to him, the project will take approximately 12 to 18 months to complete land acquisition, statutory clearances and other preliminary milestones, followed by nearly three-and-a-half years for construction and commissioning.
IHC Sees Odisha as Strategic Partner
Representing the UAE partner, Syed Basar Shueb, Managing Director and CEO of IHC Group, described the agreement as a significant milestone in strengthening India-UAE economic relations. He said IHC is building long-term investment platforms in sectors that will define the future global economy, particularly mining, critical minerals and industrial manufacturing. Through International Resources Holding (IRH), the company is investing across critical mineral value chains to strengthen supply chain resilience, support industrial development and accelerate the global energy transition.
He said the partnership with Adani Enterprises reflects this long-term strategy and the shared ambition of developing a world-class integrated aluminium project capable of creating lasting economic value. Similarly, Peter Abram, Chief Strategic Officer of IHC Group, said the collaboration represents much more than a commercial investment.
According to him, it is a long-term partnership built on mutual trust, shared objectives and sustainable development that will open new avenues of cooperation in infrastructure, technology, financial services and consumer sectors. He described Odisha as not merely an investment destination but a strategic partner for long-term industrial growth.
Government Assures Full Support
Industries Minister Sampad Chandra Swain said the massive investment demonstrates increasing investor confidence in Odisha’s industrial ecosystem. He assured that the State Government would facilitate the project by providing timely approvals and extending all necessary support during implementation.
A historic milestone for Odisha’s industrial growth!
Along with Hon'ble Chief Minister Shri Mohan Charan Majhi Ji, I had the privilege of attending the MoU Signing Ceremony for setting up a mega-integrated greenfield aluminum project in Odisha by the International Holding… pic.twitter.com/pa7rOnZvgF
— Sampad Swain (@SampadSwainBJP) July 2, 2026
Senior officials said the investment would substantially deepen value-added aluminium manufacturing within the State while strengthening India’s position in the global aluminium supply chain. The event was attended by Chief Secretary Anu Garg, Additional Chief Secretary Hemant Sharma, IPICOL Managing Director Aboli Sunil Naravane, IHC Group CEO Syed Basar Shueb, IRH CEO Ali Al Rashdi, senior executives of the IHC Group, including Hesham and Abdulla Al Rashdi, along with senior government officials, industry leaders and representatives of the business community.
With one of the largest proposed investments in the country’s metallurgy sector, the project is expected to redefine Odisha’s industrial landscape, establish a globally competitive aluminium ecosystem, promote sustainable manufacturing and create thousands of employment opportunities. Once operational, it is expected to reinforce Odisha’s position as one of Asia’s leading destinations for large-scale industrial investment and strengthen India’s role in the global aluminium value chain.
