Abu Dhabi-based International Holding Company (IHC) plans to invest $11.5 billion in an integrated aluminium project in India’s eastern state of Odisha through a joint venture with the Adani Group, a state official said on Thursday.
Under the Memorandum of Understanding (MoU), both partners will hold equal stakes in the venture, which will include a refinery, smelter, captive power plant and a downstream aluminium manufacturing park.
The investment marks the largest foreign investment in India’s metals sector and comes as the country seeks to boost domestic aluminium production to meet rising demand from infrastructure, power, transport and renewable energy sectors, while reducing dependence on imports of value-added products.
Rich in bauxite reserves, Odisha accounts for about 54% of India’s aluminium output, making it a strategic location for the project.
The integrated complex is expected to have a capacity of 4 million metric tonnes per annum (MTPA) of alumina, 2 MTPA of aluminium, and 1 MTPA of downstream aluminium products.
The project is also projected to generate around 53,500 jobs, including 35,000 during the construction phase and 18,500 after operations commence, the official said at the MoU signing ceremony.
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