Adani and IHC Join Forces for ₹1.08 Lakh Crore Greenfield Aluminium Project in Odisha

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“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.” - Karan Adani, Managing Director - Adani Ports

: Odisha is gearing up for a monumental economic transformation as Adani Enterprises and International Resources Holding (IRH) - a prominent IHC Group company - have shaken hands on a 50:50 joint venture. Pouring 11.5 billion (₹1.08 lakh crore) into the mineral-rich eastern state, the collaboration represents Odisha's largest-ever Foreign Direct Investment (FDI) proposal and stands as India's biggest commitment in the metallurgy sector to date.

The ambitious roadmap outlines an integrated greenfield aluminium ecosystem that will reshape the local industrial landscape in two strategic phases, deploying ₹66,000 crore in Phase I and ₹44,000 crore in Phase II. Key infrastructural milestones include a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a massive 4,000 MW captive power plant, and a 1 MMTPA downstream manufacturing park. Beyond the sheer industrial footprint, the mega-project brings incredible human value, with expectations to generate nearly 53,500 jobs across the region.

The Memorandum of Understanding (MoU) was finalized in a high-profile ceremony attended by Odisha Chief Minister Shri Mohan Charan Majhi, alongside Industries and Skill Development Minister Shri Sampad Chandra Swain. The leadership driving the vision forward featured prominent corporate faces, including Syed Basar Shueb (CEO, MD, and Board Member of IHC), Ali Rashed AlRashdi (CEO, IRH), and Mohamed Hesham (CEO, ePointZero), who stood alongside Karan Adani (MD, APSEZ) and Sagar Adani (Executive Director, AGEL).

Expressing optimism for the region, Karan Adani said, “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.”

Highlighting the global strategy, Syed Basar Shueb said: “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 aluminium project that creates lasting economic value.”

This powerful venture significantly deepens the cross-border energy, transmission, and AI partnership between the Adani and IHC groups. Once operational, it will not only secure India’s self-reliance in metallurgy but firmly cement Odisha’s status as Asia’s leading manufacturing destination.

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