Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH) signed a Memorandum of Understanding (MoU) with the Odisha government to develop a greenfield aluminium project worth $11.5 billion (Rs 1.08 lakh crore) (£8.5 billion).
The project will be developed through a 50:50 joint venture between Adani Enterprises and IRH, marking the Adani Group's entry into the aluminium sector. Expected to be Odisha's largest foreign direct investment proposal, the project includes a 4 MMTPA alumina refinery in Rayagada, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a downstream manufacturing park in Sundargarh.
The project will source bauxite from Odisha Mining Corporation and Adani-owned mines, with transport infrastructure designed to improve efficiency. Spread across two phases, it is expected to generate around 53,500 jobs and take about five years to complete, including regulatory approvals and construction.
Adani Group Managing Director Karan Adani said the project underscores the company's long-term commitment to Odisha, while Chief Minister Mohan Charan Majhi said it would strengthen the state's position as a global aluminium manufacturing hub. IHC CEO Syed Basar Shueb said the venture supports the company's strategy of investing in critical minerals, and officials said it would boost manufacturing, support MSMEs and attract further industrial investment in the state.
