IHC will form the joint venture through its subsidiary International Resources Holding (IRH). IRH, an IHC Group company through 2PointZero, is a global mine-to-market platform that strategically invests across the value chain of minerals critical to the energy transition and technological advancement.
The proposed investment is expected to be Odisha’s largest Foreign Direct Investment (FDI) proposal and India’s largest foreign direct investment in the metallurgy sector, the company said.
The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium 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, it added.
The project will be developed in two phases, with investments of approximately Rs 66,000 crore in Phase I and Rs 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, aluminium production and downstream manufacturing operations are expected to support another 18,500 jobs. The project is also expected to generate significant indirect employment across logistics, engineering, maintenance and ancillary industries.
The new joint venture with IRH represents another important milestone in IHC’s previously announced multibillion-dollar investment strategy for India, reinforcing the Group’s long-term commitment to investing across strategically important sectors that support industrial growth and economic development, according to a statement.
The joint venture signed a Memorandum of Understanding (MoU) with the Government of Odisha in the presence of Mohan Charan Majhi, Chief Minister of Odisha, Sampad Chandra Swain, Minister for Industries and Skill Development & Technical Education and senior officials of the Government of Odisha.
The ceremony was attended by Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero. Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, along with Sagar Adani, Executive Director, Adani Green Energy Limited (AGEL), represented the Adani Group.
“Today marks Odisha’s entry into the global aluminium supply chain. Already India’s leading hub for metals and mineral-based industries, the state is now poised to become a global centre for aluminium and value-added manufacturing,” Majhi said.
This investment will enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state. It is an important step towards Samruddha Odisha 2036 and our contribution to Viksit Bharat 2047, he said.
“The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. 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 and Special Economic Zone (APSEZ) and Director, Adani Cement, said.
“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 aluminium project that creates lasting economic value,” Syed Basar Shueb, CEO of IHC, said.
The investment will deepen value-added aluminium manufacturing in Odisha while strengthening India’s position in global aluminium supply chains. The downstream manufacturing park is expected to attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering, supporting the growth of micro, small and medium enterprises (MSMEs) across the state, the company said.
Once operational, the project is expected to strengthen India’s aluminium manufacturing base while reinforcing Odisha’s position as one of Asia’s leading destinations for large-scale industrial investment.
Following the signing of the MoU, the joint venture partners, AEL and IRH, together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.
Home to some of India’s largest bauxite reserves, Odisha is already a major producer of alumina and aluminium. The investment will reinforce the state’s position as a global aluminium manufacturing hub by integrating the aluminium value chain, from mining to downstream manufacturing.