₹1 lakh crore investment, 53,000 jobs: What Adani Group and IHC's mega aluminium project promises for Odisha
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Karan Adani on Thursday said Adani Group and Abu Dhabi’s International Holding Company (IHC)’s joint investment of $11.5 billion (₹1.08 lakh crore) for an aluminium plant would create one of the most significant aluminium ecosystems in the world, and it will generate 53,000 direct and indirect jobs in Odisha.
Addressing the Memorandum of Understanding (MoU) signing ceremony in Bhubaneswar, the Adani Enterprises Managing Director said, “With a proposed investment of $11.5 billion, translating to nearly ₹1.08 lakh crore, this is among the most significant aluminium ecosystem investments anywhere in the world. But its true significance lies not only in the size of the investment. It lies in the depth of its impact.”
Adani said that during construction and later in operations, the project will create thousands of jobs for the people of Odisha.
“During construction, this project will generate nearly 35,000 jobs. During operations, it will support around 18,500 jobs,” he added.
The agreement was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, senior state government officials, and Syed Basar Shueb, Managing Director and Chief Executive Officer of IHC Abu Dhabi.
“Today, we are gathered not merely to witness the historic MoU but to herald the beginning of a new economic chapter for Odisha, which will shape and accelerate the growth trajectory of Bharat,” Adani said.
The proposed project will include a nearly 4 million tonnes per annum (MTPA) alumina refinery, an aluminium smelter with a capacity of around 2 MTPA, and a downstream aluminium park of about 1 MTPA, creating a fully integrated aluminium manufacturing ecosystem. It will be backed by around 4,000 MW of captive power capacity, along with 400 MW of green energy.
The investment is expected to be the largest foreign investment in India's metals and minerals sector. However, details on how the investment will be divided between the two partners have not been disclosed.
Once completed, the project will mark the Adani Group's second venture in the metals sector, after its first copper plant in Gujarat began operations last year.
“Under the leadership of Prime Minister Shri Narendra Modi ji, India has set for itself the great national mission of Viksit Bharat by 2047. Projects like this are the building blocks of that vision,” Adani said.