Adani Group and Abu Dhabi-based International Holding Company (IHC) have signed a memorandum of understanding (MoU) with the Odisha government to develop a massive integrated aluminium project in the state, with a planned investment of US$11.5 billion (approximately ₹1.08 lakh crore).
The proposed venture marks Adani Group’s formal entry into aluminium production and is being positioned as a landmark industrial project for Odisha. According to reports, the initiative will be structured as a 50:50 joint venture between Adani and IHC. The project will span the entire aluminium value chain, from alumina refining and aluminium smelting to downstream manufacturing.
The integrated complex is expected to include a 4-million-tonne-per-year (MTPA) alumina refinery, a 2-MTPA aluminium smelter, a 4,000-MW captive power plant, and 1 MTPA of downstream manufacturing capacity. Officials said the project is expected to create 53,500 jobs, including 35,000 during the construction phase and 18,500 once operations begin.
The project is strategically significant for India’s industrial ambitions, as it could reduce the country’s dependence on imported aluminium while strengthening domestic supply for sectors such as electric vehicles, infrastructure, and manufacturing. It also intensifies competition in India’s metals industry, where Adani will compete with established players such as Vedanta and the Aditya Birla Group.
For Odisha, the agreement is expected to be one of the state’s largest industrial investments in recent years and its biggest-ever FDI-linked metallurgy project. The scale and location of the project align with the state’s strategy to attract heavy industries, large-scale investments, and employment through downstream manufacturing.
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