Adani, UAE's IHC to invest Rs 1.08 lakh crore in Odisha aluminium project
The Adani Group and the UAE's International Holding Company (IHC) have signed a Memorandum of Understanding (MoU) to set up a large-scale aluminium project in Odisha. The joint venture, with a 50:50 ownership structure, involves an investment of $11.5 billion (approximately ₹1.08 lakh crore).
The project will include 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. Supporting infrastructure will also be developed as part of the initiative.
The development will be executed in two phases. Phase I will see an investment of about ₹66,000 crore, while Phase II will involve an additional ₹44,000 crore.
IHC, one of the world's largest investment firms, has a market capitalisation of $233 billion and a portfolio of over 1,300 subsidiaries across technology, infrastructure, financial services, and consumer sectors.
Following the MoU, the proposed joint venture partners—Adani Enterprises Ltd (AEL) and International Resources Holding (IRH), a subsidiary of IHC—will work with the Government of Odisha to move forward with land acquisition, statutory approvals, and infrastructure planning.
