Abu Dhabi-based International Resources Holding (IRH) and Adani Enterprises Limited (AEL), the flagship company of the Adani Group, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop an integrated greenfield aluminum project in the mineral-rich state.
AEL and IHC, through its subsidiary IRH, will form a 50:50 joint venture for the proposed project.
The proposed investment, valued at approximately $11.5 billion, is expected to be Odisha’s largest Foreign Direct Investment (FDI) proposal and India’s largest FDI in the metallurgy sector.
According to the statement, the project comprises a 4-million-metric-ton-per-annum (MMTPA) alumina refinery, a 2-MMTPA aluminum smelter, a 4,000-megawatt (MW) captive power plant, and a 1-MMTPA downstream manufacturing park, supported by enabling infrastructure. It is expected to generate around 53,500 jobs across construction and operations.
Syed Basar Shueb CEO – IHC
“At IHC, we are building long-term platforms in industries that will define the future of the global economy. Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience, and advance the energy transition. This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminum project that creates lasting economic value.”
The project will be developed in two phases, with investments of approximately $6.9 million (₹66,000 crore) in Phase I and $4.6 million (₹44,000 crore) in Phase II.
During the construction period, the project is expected to create around 35,000 jobs, while the project’s mining, alumina refining, aluminum production, and downstream manufacturing operations are expected to support another 18,500 jobs.
The IRH-Adani Enterprises project is also expected to generate significant indirect employment across logistics, engineering, maintenance, and ancillary industries. Furthermore, once operational, the project is expected to strengthen India’s aluminum manufacturing base while reinforcing Odisha’s position as one of Asia’s leading destinations for large-scale industrial investment.
