Odisha is set to witness India’s largest foreign direct investment (FDI) in the mining and metallurgy sector. Adani Enterprises Limited (AEL) and Abu Dhabi-based International Resources Holding (IRH) have partnered to establish a mega aluminium project in the state with an investment of $11.5 billion (approximately ₹1.1 lakh crore). The companies signed the investment agreement with the Government of Odisha.
IRH is a subsidiary of UAE-based International Holding Company (IHC). The project will be developed as a 50:50 joint venture between Adani Enterprises and IRH, making it the largest foreign investment proposal in Odisha’s history.
Chief Minister Mohan Charan Majhi said the project will transform Odisha from a supplier of raw materials into a high-value manufacturing hub. The project will be implemented in two phases and will include a 4-million-tonne alumina refinery, a 2-million-tonne aluminium smelter, and a 4,000 MW captive power plant, creating a fully integrated aluminium value chain.
The project is expected to generate around 53,500 employment opportunities during its construction and operational phases, providing a major boost to the state’s industrial and economic growth.
Karan Adani, Managing Director of Adani Ports and SEZ (APSEZ) and Director of Adani Cement, described the project as a landmark investment that will strengthen Odisha’s industrial future. He added that Adani Group Chairman Gautam Adani views Odisha as a key driver of eastern India’s economic growth.
The agreement was signed with the Industrial Promotion and Investment Corporation of Odisha (IPICOL) in the presence of Chief Minister Mohan Charan Majhi.
Karan Adani said the project represents a significant step towards Prime Minister Narendra Modi’s vision of Viksit Bharat 2047 and reaffirmed the Group’s commitment to creating employment opportunities, supporting local businesses, and contributing to Odisha’s long-term economic development. IHC Group CEO Syed Basar Shueb also addressed the gathering during the signing ceremony.
