Adani & IHC Signs MOU With Odisha Government For INR 1.00 Lakh Crore Integrated Aluminium Project.

Bhubaneswar; July 2026: Adani Enterprises has signed a Memorandum of Understanding (MoU) with the Odisha government today (Thursday – 02nd July 2026) to develop a greenfield integrated aluminium project worth INR 1.08 lakh crore in partnership with Abu Dhabi-based International Holding Company (IHC). The proposed investment is expected to become India’s largest integrated aluminium investment as well as the largest foreign direct investment (FDI) in the country’s metals sector.

The project is expected to significantly strengthen India’s aluminium manufacturing ecosystem and support the country’s growing demand for primary and value-added aluminium products. The proposed project will establish a fully integrated aluminium complex comprising a 04 million tons/year alumina refinery, a 02 mnt/year primary aluminium smelter, and a 01 mnt/year downstream aluminium park.

The downstream park is expected to manufacture value-added aluminium products, supporting sectors such as automotive, construction, electrical equipment, renewable energy and packaging. The integrated facility will be supported by around 4,000 MW of captive power capacity, including 400 MW of renewable energy, ensuring reliable electricity supply for the energy-intensive aluminium operations.

As projected, the project is expected to raise India’s aluminium capacity by nearly 50%. According to earlier reports, the proposed aluminium complex could increase India’s primary aluminium production capacity by nearly 50% once fully operational, making it one of the largest aluminium manufacturing facilities globally.

The investment comes at a time when India’s aluminium demand continues to rise, driven by infrastructure development, renewable energy, electric vehicles, transmission networks and urbanisation.

Industry estimates project India’s aluminium consumption to reach around 8 mnt by 2030, compared with the current demand of around 6.2-6.3 mnt, creating the need for additional domestic production capacity.

Highlighting Odisha’s strategic importance, Adani Enterprises Managing Director Karan Adani said the state’s abundant mineral reserves provide a strong foundation for integrated manufacturing ecosystems spanning metals, energy, cement and downstream industries. He added that the project is designed to integrate the entire aluminium value chain within a single industrial ecosystem, from alumina refining and primary aluminium production to downstream manufacturing.

Odisha already hosts some of India’s largest bauxite reserves and aluminium manufacturing facilities, making it a preferred destination for large-scale aluminium investments. Besides enhancing domestic aluminium production, the project is expected to generate more than 50,000 direct and indirect employment opportunities, providing a significant boost to Odisha’s industrial development.

The investment also aligns with Adani Group’s strategy of expanding its presence across the metals value chain following the commissioning of its copper smelter in Gujarat.

Once operational, the integrated aluminium project is expected to strengthen India’s supply security, reduce dependence on imported value-added aluminium products and reinforce the country’s position as a major global aluminium producer while attracting substantial foreign investment into the domestic metals sector.

Building on an established partnership across energy, transmission and artificial intelligence (AI), Adani Group and IHC have developed strong strategic ties 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. This new joint venture with IRH represents another important 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 Mr. Mohan Charan Majhi, Hon’ble Chief Minister of Odisha, Mr. Sampad Chandra Swain, Hon’ble Minister for Industries and Skill Development & Technical Education and senior officials of the Government of Odisha.

The ceremony was attended by Mr. Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Mr. Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero. Mr. Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, along with Mr. Sagar Adani, Executive Director, Adani Green Energy Limited (AGEL), represented the Adani Group. The event also brought together leading industrialists, industry associations, students from the World Skill Centre and senior government officials. Their participation reflected the wider ecosystem that will benefit from the project’s downstream potential and support its successful implementation.

Speaking on the occasion, Honourable Chief Minister Mr. 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”.

Mr. Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, 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, CEO of IHC, 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”.

Honourable Industries Minister Mr. 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 in Phase I and ₹44,000 crore in Phase II.

As reiterated earlier, during the construction period, the project is expected to create around 35,000 jobs, while the project’s mining, alumina refining, aluminium production and downstream manufacturing operations are expected to support another 18,500 jobs. The project is also expected to generate significant indirect employment across logistics, engineering, maintenance and ancillary industries.

The investment will deepen value-added aluminium manufacturing in Odisha while strengthening 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 Odisha Government, 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 capitalization of USD 233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer. IRH, an IHC Group company through 2PointZero, is a global mine-to-market platform that strategically invests across the value chain of minerals critical to the energy transition and technological advancement.

Team Maverick.