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Adani IRH Aluminium Project Odisha Promises 53,500 New Jobs

Adani-IHC Aluminium Venture Brings ₹1.08 Lakh Crore Investment to Odisha

Bhubaneswar, July 2: Odisha is set to receive what could become the state’s biggest foreign investment proposal after Adani Enterprises Limited and Abu Dhabi-based International Resources Holding agreed to develop a large aluminium manufacturing project worth about ₹1.08 lakh crore, or USD 11.5 billion.

The project will be developed through a 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), a mining and resources company owned by the UAE investment group IHC through its subsidiary 2PointZero.

An agreement for the project was signed with the Government of Odisha in Bhubaneswar on Wednesday in the presence of Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain and senior government officials.

The proposed development includes a 4 million metric tonnes per annum alumina refinery, a 2 million metric tonnes per annum aluminium smelter, a 4,000 MW captive power plant and a downstream manufacturing park capable of producing 1 million metric tonnes of aluminium products every year.

Industry experts say the scale of the investment makes it one of the largest industrial projects announced in India in recent years and the biggest foreign direct investment proposal ever received by Odisha.

The project will be built in two stages. Phase One will involve an investment of around ₹66,000 crore, while Phase Two is expected to add another ₹44,000 crore.

According to the companies and the state government, the development is expected to create around 53,500 jobs. Around 35,000 positions are likely to be created during the construction phase, while mining, refining, smelting and manufacturing operations are expected to support another 18,500 jobs after production begins.

Odisha already holds some of India’s largest bauxite reserves and has long played an important role in the country’s aluminium sector. Major producers such as National Aluminium Company Limited (NALCO), Vedanta Aluminium and Hindalco Industries already operate large facilities in the state.

India is currently the world’s second-largest producer of aluminium after China, and demand for the metal is expected to rise sharply during the coming decade. Aluminium is widely used in transport, electricity transmission, packaging, construction, defence equipment and renewable energy projects because it is lightweight, durable and recyclable.

The growth of electric vehicles, solar power installations and battery manufacturing has increased demand for aluminium products across global markets. Countries are also trying to strengthen supply chains for industrial metals as geopolitical tensions and trade disputes continue to affect international trade routes.

Speaking at the signing ceremony, 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.

The investment is expected to strengthen Odisha’s position in aluminium production by allowing more of the value chain to remain inside the state rather than sending raw materials elsewhere for processing.

The downstream manufacturing park proposed under the project is expected to attract companies making products for transport systems, construction materials, power equipment, packaging products and renewable energy components. State officials believe this could encourage the growth of micro, small and medium enterprises across Odisha.

Karan Adani, Managing Director of Adani Ports and Special Economic Zone and Director of 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.”

The agreement adds another chapter to the growing business relationship between the Adani Group and IHC, one of the Middle East’s largest investment companies. Earlier this year, IHC company ePointZero announced a joint venture with Adani Green Energy to develop renewable energy projects in India.

IHC has expanded its investments across mining, technology, infrastructure and financial services in recent years. The Abu Dhabi-based group currently has a market value of around USD 233 billion and controls more than 1,300 subsidiaries worldwide.

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.”

Industries 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.”

Senior representatives from both business groups attended the ceremony, including IRH Chief Executive Officer Ali Rashed AlRashdi, ePointZero Chief Executive Officer Mohamed Hesham and Adani Green Energy Executive Director Sagar Adani.

The next stage of the project will involve land acquisition, regulatory approvals and planning for transport and utility infrastructure. Once completed, the project is expected to strengthen India’s role in aluminium production while placing Odisha among Asia’s major industrial manufacturing centres.