Adani-IHC JV for $11.5B Odisha Aluminium Project

Project Overview

Adani Enterprises Limited (AEL) and International Resources Holding (IRH), 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 Odisha. The partners will form a 50:50 joint venture for this project.

Investment Details

• Total project value: ₹1.08 lakh crore (USD 11.5 billion)
• Phase I investment: ₹66,000 crore
• Phase II investment: ₹44,000 crore
• This represents Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector

Project Components

The integrated aluminium project includes:

• 4 million metric tonnes per annum (MMTPA) alumina refinery
• 2 MMTPA aluminium smelter
• 4,000-megawatt (MW) captive power plant
• 1 MMTPA downstream manufacturing park
• Supporting enabling infrastructure

Employment Impact

• Construction period: 35,000 jobs
• Operations phase: 18,500 jobs across mining, alumina refining, aluminium production, and downstream manufacturing
• Significant indirect employment expected across logistics, engineering, maintenance, and ancillary industries

Strategic Context

The project builds on the established partnership between Adani Group and IHC across energy, transmission, and artificial intelligence. Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India.

Government Participation

The MoU was signed in the presence of:

• Shri Mohan Charan Majhi, Hon'ble Chief Minister of Odisha
• Shri Sampad Chandra Swain, Hon'ble Minister for Industries and Skill Development & Technical Education
• Senior officials of the Government of Odisha

Company Representatives

Attendees included:

• From IHC: Mr. Syed Basar Shueb (CEO, Managing Director and Board Member), Mr. Ali Rashed AlRashdi (CEO of IRH), Mohamed Hesham (CEO of ePointZero)
• From Adani Group: Mr. Karan Adani (Managing Director, APSEZ and Director, Adani Cement), Mr. Sagar Adani (Executive Director, AGEL)

Next Steps

Following the MoU signing, the joint venture partners (AEL and IRH) together with the Government of Odisha will advance:

• Land acquisition
• Statutory approvals
• Infrastructure planning

Strategic Significance

The project will:

• Position Odisha as a global aluminium manufacturing hub
• Develop complete aluminium value chain from mining to downstream manufacturing
• Strengthen India's position in global aluminium supply chains
• Support growth of micro, small and medium enterprises (MSMEs) across the state
• Attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering

Company Backgrounds

IHC: One of the world's largest investment firms with market capitalization of USD 233 billion and portfolio of over 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer.

IRH: Global mine-to-market platform that strategically invests across the value chain of minerals critical to energy transition and technological advancement.

Odisha: Home to some of India's largest bauxite reserves and already a major producer of alumina and aluminium.