In a major development that promises to transform Odisha’s industrial landscape and significantly boost India’s metals sector, the Adani Group, through Adani Enterprises, has signed a Memorandum of Understanding with the Odisha government in partnership with Abu Dhabi-based International Holding Company (IHC) for a massive greenfield integrated aluminium project. The agreement, inked on July 2, 2026, in Bhubaneswar, involves a total investment of approximately ₹1.08 lakh crore, equivalent to about $11.5 billion, and marks one of the largest foreign direct investments in India’s metallurgy sector as well as the biggest such investment in Odisha’s history.
The project envisions the creation of a complete aluminium value chain in the state, comprising a 4 million tonnes per annum (MTPA) alumina refinery, a 2 MTPA aluminium smelter, and a 1 MTPA downstream aluminium manufacturing park. It will be supported by a captive power plant of around 4,000 MW capacity, including approximately 400 MW from green energy sources to ensure more sustainable operations.
The 4 MMTPA Integrated Alumina Refinery, to be set up in the vicinity of potential bauxite reserves or operational mines, will produce Smelter Grade (Metallurgical Grade) Alumina, which will help India move towards import substitution.
The alumina refinery is proposed to come up in Rayagada district, the smelter in Sundargarh district, with logistics support planned through Dhamra Port. The overall facility is expected to emerge as one of the largest integrated aluminium complexes in the country.
The investment is structured as a 50:50 joint venture between Adani Enterprises Limited and International Resources Holding (IRH), an IHC Group company. It will be executed in phases and is designed to leverage Odisha’s rich bauxite and mineral reserves to reduce India’s dependence on imports of value-added aluminium products while meeting rising domestic demand from infrastructure, power, transportation, renewable energy, and other key sectors.
The downstream manufacturing park is particularly significant as it is expected to attract ancillary units and foster the growth of micro, small and medium enterprises (MSMEs) in related industries such as transport, construction, packaging, and advanced engineering.
The project is projected to generate substantial employment, creating nearly 35,000 jobs during the construction phase and around 18,500 direct jobs once operations commence, for a total of over 53,000 direct and indirect employment opportunities across mining, refining, smelting, and downstream activities. This scale of job creation is expected to have a multiplier effect on the local economy, benefiting families, skilled youth, small businesses, and entrepreneurs in the region.
Speaking about the initiative, Karan Adani, Managing Director of Adani Enterprises, expressed the group’s strong confidence in Odisha as a long-term manufacturing destination. He stated that the proposed project reflects the company’s commitment to building an integrated aluminium ecosystem in close partnership with the state government, one that will create jobs, expand value-added manufacturing, and strengthen India’s industrial competitiveness globally. He emphasised that the project truly belongs to the people of Odisha and is aimed at generating meaningful livelihood opportunities while aligning with the national vision of Viksit Bharat by 2047 and the state’s own goals of prosperity and industrial growth.
Odisha Chief Minister Mohan Charan Majhi welcomed the investment, noting that it would enable the state to develop the complete aluminium value chain from mining and refining to smelting and downstream manufacturing. He highlighted that the project would open up unprecedented opportunities for industrial growth, large-scale employment, and the overall economic transformation of Odisha, further consolidating the state’s position as a leading aluminium-producing region in the country.
From the UAE partner’s side, Syed Basar Shueb, CEO of IHC, underlined the strategic fit of the collaboration. He observed that through IRH the group is building an integrated mining and minerals business, and the partnership with Adani Enterprises reflects their shared ambition to develop a world-class integrated aluminium project that creates lasting economic value for all stakeholders.
Odisha already accounts for a significant share of India’s aluminium output and hosts some of the country’s largest bauxite reserves. This new integrated complex is expected to substantially increase national aluminium production capacity while promoting greater self-reliance in critical metals. With its emphasis on green energy integration and a full ecosystem approach, the project is poised to position Odisha as a globally competitive hub for aluminium manufacturing and contribute meaningfully to supply chain resilience and the broader energy transition.
