In a significant move, India’s Adani Group has partnered with Abu Dhabi’s International Holding Company (IHC) to invest $11.5 billion in a major aluminium project in Odisha. This preliminary agreement marks the establishment of a 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), a subsidiary of IHC operating through 2PointZero. Once realized, this development is set to become Odisha’s largest aluminium complex and stands as one of India’s most substantial foreign direct investments in metallurgy.
The ambitious greenfield project will feature an extensive array of facilities, including a four-million-metric-tonnes-per-year alumina refinery and a two-million-metric-tonnes-per-year aluminium smelter. Additionally, it will boast a 4,000-megawatt captive power plant and a downstream manufacturing park capable of producing one million metric tonnes annually. The development will proceed in two phases, with $6.9 billion allocated for the first phase and $4.6 billion for the second. As the project progresses, the partners will collaborate closely with the Odisha government to secure land, regulatory approvals, and necessary infrastructure.
This investment is projected to generate approximately 53,500 jobs during both construction and operational phases, with additional indirect employment opportunities in sectors like logistics, engineering, and maintenance. The downstream manufacturing park is designed to attract businesses involved in producing components for industries such as transportation, construction, power, packaging, renewable energy, and advanced engineering. Adani and IHC anticipate that this venture will bolster India’s aluminium manufacturing ecosystem and support sustained industrial growth.
IHC views this investment as a strategic alignment with its global expansion goals in sectors shaping the future economy. The company has been actively expanding its footprint in mining, energy, infrastructure, and technology. IRH, in particular, is focused on building an integrated minerals business essential for the global energy transition. Earlier this year, another IHC entity, ePointZero, joined forces with Adani Green Energy to advance renewable energy projects throughout India, further cementing the collaboration between the two business groups.
This project aligns with India’s objectives to increase domestic aluminium production, with demand expected to reach 8.5 million tonnes by the 2030 financial year. Odisha’s vast bauxite reserves and its significant contribution to India’s aluminium output make it a prime location for such large-scale investments. The proposed facility is poised to enhance India’s manufacturing capabilities, strengthen supply chains, and solidify the nation’s standing as a key player in the global aluminium industry.