Bhubaneswar : In a landmark boost to Odisha’s industrial ambitions, the State government on Thursday formalised an investment agreement with UAE-based International Holding Company (IHC) and the Adani Group for the establishment of a mega integrated aluminium complex involving an estimated investment of Rs 1.10 lakh crore.
Officials described the proposal as the largest foreign direct investment (FDI) commitment ever received by Odisha and one of the most significant investments in India’s non-ferrous metals sector.
The Memorandum of Understanding (MoU) was signed between the Industrial Promotion and Investment Corporation of Odisha (IPICOL) and IHC in the presence of Chief Minister Mohan Charan Majhi, senior government functionaries and representatives of the two business groups.
The project will be developed through a 50:50 joint venture between Adani Enterprises Ltd and International Resources Holding (IRH), the mining and resources arm of the Abu Dhabi-headquartered IHC Group. The investment will be financed through a combination of equity and debt.
Designed as a fully integrated aluminium value chain, the proposed project will include a 4-million-tonne-per-annum alumina refinery, a 2-million-tonne aluminium smelter, a 4,000-MW captive power plant, a 1-million-tonne downstream aluminium manufacturing park, along with supporting industrial and logistics infrastructure.
The integrated facility is expected to significantly enhance Odisha’s position as India’s leading aluminium-producing state by expanding domestic refining and smelting capacity while promoting value-added manufacturing.
Government officials said the project has the potential to generate around 53,500 direct and indirect employment opportunities spanning mining operations, alumina refining, aluminium production, downstream industries, logistics and ancillary services.
The investment also aligns with Odisha’s broader strategy of attracting large-scale industrial projects that leverage the State’s abundant mineral resources while strengthening manufacturing, exports and employment generation.
With one of the country’s richest bauxite reserves and an established ecosystem for metal industries, Odisha has emerged as a preferred destination for global investors seeking long-term opportunities in the aluminium sector. The proposed project is expected to further consolidate the State’s role in India’s evolving industrial and energy transition landscape.
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