Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an IHC Group company through 2PointZero, formed a 50:50 joint venture to develop a USD 11.5 billion integrated greenfield aluminium project in Odisha. The proposed investment, valued at approximately Rs 0.01 crore crore (USD 11.5 billion), is expected to be Odisha's largest Foreign Direct Investment (FDI) proposal. The project comprises a 4 million metric tonnes per annum alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt captive power plant and a 1 MMTPA downstream manufacturing park.
Adani Enterprises Limited and IRH will establish a 50:50 joint venture for the proposed project. The greenfield project will be developed in two phases, with investments of approximately ₱66,000 crore in Phase I and ₱44,000 crore in Phase II, making it Odisha's largest FDI proposal. The project is expected to create 53,500 jobs, with 35,000 during construction and 18,500 in mining, alumina refining, aluminium production and downstream manufacturing operations.
The project is expected to 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 MSMEs across the state. The investment will position Odisha as a global aluminium manufacturing hub by integrating the aluminium value chain, from mining to downstream manufacturing.
Following the signing of the MoU, the joint venture partners, AEL and IRH, together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning. 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, marking India's largest foreign direct investment in the metallurgy sector. The project reflects the strategic partnership between Adani Group and IHC Group, building on an established relationship across energy, transmission and artificial intelligence sectors.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.