India-UAE ties deepen as IHC unveils $11.5 billion Odisha aluminium project
ADVERTISEMENT
Prime Minister Narendra Modi met Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, on September 12 (Saturday) on the sidelines of the 18th BRICS Summit, with the two leaders reviewing progress in India-UAE bilateral relations and discussing cooperation across strategic and emerging sectors.
The meeting comes amid a deepening economic and strategic partnership between the two countries, including fresh investments in India and greater cooperation in maritime infrastructure.
$11.5-billion aluminium project
The two leaders took note of the progress made in bilateral relations across a range of sectors. They welcomed the announcement by UAE-based International Holding Company (IHC) to invest in the development of an $11.5 billion integrated greenfield aluminium project in Odisha.
The project is expected to be India’s largest integrated aluminium investment and position Odisha as a global hub for aluminium manufacturing.
The leaders also highlighted the potential role of L’Imad, the UAE’s newest sovereign investment fund, in further deepening investment and economic ties between the two countries. They discussed opportunities to expand cooperation in strategic and emerging areas, including defence, space, nuclear energy, technology, and innovation.
India-UAE strategic partnership
Modi and Sheikh Khaled reiterated the importance of the India-UAE Comprehensive Strategic Partnership, which is anchored in strong political, cultural, commercial, and energy ties, as well as people-to-people links. The two leaders also recalled the recent visits of UAE President Sheikh Mohamed bin Zayed Al Nahyan to India in January 2026 and Prime Minister Modi’s visit to the UAE in May 2026.
Modi appreciated the UAE’s active and constructive participation in BRICS under India’s chairship. The leaders welcomed the positive outcomes achieved during India’s chairship and agreed to continue working closely through the grouping to advance shared interests and priorities and strengthen BRICS cooperation.
The meeting reaffirmed the tradition of regular leadership-level engagement between India and the UAE and the continuity underpinning their long-standing relationship.
India-UAE maritime partnership
The latest engagement comes a day after Drydocks World, a DP World company, and Cochin Shipyard Limited (CSL) announced a joint venture to operate and expand the International Ship Repair Facility (ISRF) in Cochin.
The agreement was signed by Captain Rado Antolovic, CEO of Drydocks World, and Jose V J, Chairman and Managing Director of Cochin Shipyard, on the sidelines of the BRICS Summit. Union Shipping Minister Shipping Sarbananda Sonowal and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi were present at the signing.
The agreement builds on an MoU signed by Drydocks World and CSL during India Maritime Week 2025 to explore collaboration in ship repair and allied maritime services. The companies have now formalised the partnership through a 50:50 joint venture, described as a first-of-its-kind public-private partnership in India’s ship repair sector.
Under the arrangement, the joint venture will operate, consolidate and expand the ISRF in Cochin, adding capacity to service a wider range of vessels and cater to the growing requirements of Indian, regional and international customers. The partnership is expected to strengthen Cochin’s position as a maritime services hub and create opportunities across ship repair, engineering, fabrication, and allied maritime services in Kerala.
Sonowal said the partnership marked an important milestone in strengthening India’s ship repair ecosystem and reflected the longstanding maritime relationship between India and the UAE. “The partnership between Cochin Shipyard and Drydocks World marks an important milestone in strengthening India’s ship repair ecosystem and reflects the enduring maritime relationship between India and the UAE, which has flourished through centuries of trade, commerce and people-to-people ties,” Sonowal added.