Adani Enterprises, IHC's IRH to invest $11.5 billion in Odisha aluminium project; targets 53,500 jobs, India's biggest metallurgy FDI

Adani Enterprises Ltd. (AEL) and International Resources Holding (IRH), an Abu Dhabi-based natural resources investment platform backed by IHC Group, have joined hands to develop a $11.5 billion (₹1.08 lakh crore) integrated greenfield aluminium project in Odisha, marking what the companies describe as India's largest foreign direct investment (FDI) in the metallurgy sector and the state's biggest-ever FDI proposal.

The two companies signed a Memorandum of Understanding (MoU) with the Odisha government on Thursday and will form a 50:50 joint venture to execute the project. The integrated complex will comprise a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park, creating an end-to-end aluminium value chain in the mineral-rich state.

Two-phase investment to create 53,500 jobs

The project will be implemented in two phases, with an investment of around ₹66,000 crore in Phase I and ₹44,000 crore in Phase II. Once completed, it is expected to generate nearly 53,500 jobs, including around 35,000 during construction and another 18,500 across mining, refining, aluminium production and downstream manufacturing operations. The companies also expect the project to spur indirect employment across logistics, engineering, maintenance and ancillary industries.

The downstream manufacturing park is expected to attract manufacturers catering to transport, construction, power, packaging, renewable energy and advanced engineering sectors, while supporting the growth of MSMEs in Odisha.

Odisha eyes larger role in global aluminium supply chain

Odisha Chief Minister Mohan Charan Majhi described the investment as a milestone for the state's industrial ambitions. "Today marks Odisha's entry into the global aluminium supply chain... 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," he said.

Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said the proposed venture reflects the group's long-term confidence in Odisha as a 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," he said.

Builds on expanding Adani-IHC partnership

The aluminium venture expands the strategic relationship between the Adani Group and IHC, which already spans energy, transmission and artificial intelligence. Earlier this year, IHC Group company ePointZero partnered with Adani Green Energy to develop renewable energy projects in India. According to the companies, the proposed aluminium project also aligns with IHC's multi-billion-dollar India investment strategy focused on strategic sectors that support industrial growth and supply chain resilience.

Home to some of India's largest bauxite reserves, Odisha is already a leading producer of alumina and aluminium. Once operational, the integrated project is expected to deepen value-added manufacturing in the state while strengthening India's position in global aluminium supply chains. The partners will now move ahead with land acquisition, statutory approvals and infrastructure planning.