By Nageshwar Patnaik in Bhubaneswar, July 02 2026: The mineral rich Odisha has attracted an investment of $11.5 billion (about ₹1.08 trillion) for an integrated Greenfield aluminium project.

Adani Enterprises Ltd (AEL) and Abu Dhabi-based International Resources Holding (IRH), a unit of IHC Group Company, on Thursday signed a deal with the Odisha government for this proposed mega project, which is billed as India’s largest foreign direct investment (FDI) in mining and metallurgy and the biggest FDI proposal for Odisha.

The project will be developed through a 50:50 joint venture between AEL and IRH. It will propel the state as a key player in the global aluminium supply chain, while significantly strengthening India’s ambitions of becoming a global hub for value-added aluminium manufacturing.

The project will comprise a 4 million tonnes per annum (mtpa) alumina refinery, a 2 mtpa aluminium smelter, a 4,000 megawatt (Mw) captive power plant (including 400 Mw of renewable energy) and a 1 mtpa downstream manufacturing park, making it one of the world’s largest aluminium manufacturing complexes.

The aluminium refinery will come up in Rayagada district, closer to the bauxite mines from where the JV would source the raw materials, while the smelter will be set up in Sundargarh district. The total land requirement will be around 7,300 acres, including 3,200 acres for the refinery and 4,100 acres for the smelter.

The investment will be executed in two phases, with about ₹66,000 crore earmarked for the first phase and another ₹42,000 crore for the second. The project is expected to generate around 53,500 jobs, including 35,000 during construction and another 18,500 in mining, refining, smelting and downstream manufacturing operations.

Karan Adani, managing director of Adani Ports and Special Economic Zone (APSEZ) and director of Adani Cement, said it is the company’s first venture in aluminium and reflects the group’s confidence in Odisha as a manufacturing destination. He said the proposed joint venture with IHC Group will deepen their partnership while creating an integrated aluminium ecosystem.

International Holding Company (IHC) group Chief Executive Officer and Managing Director Syed Basar Shueb said the investment follows the company’s strategy of building long-term businesses in critical minerals that support industrial development, resilient global supply chains and clean energy transition. “The partnership with Adani Enterprises will help develop a world-class integrated aluminium project capable of creating long-term economic value,” he said.

The memorandum of understanding (MoU) was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, Sagar Adani, executive director, Adani Green Energy Ltd (AGEL), Ali Rashed AlRashdi, CEO of IRH, Mohamed Hesham, CEO of ePointZero and senior government officials.

Chief Minister Majhi said the investment will be Odisha’s entry into the global aluminium supply chain. The project will create greater value for the state’s mineral resources and contribute to its vision of Samruddha Odisha 2036 while supporting the national goal of Viksit Bharat 2047, he added. “The state government will extend all support that the project needs to ensure that it is commissioned in a record time,” he said.

The proposed project will integrate the entire aluminium value chain — from mining and refining to finished products within the state, increasing value addition, industrial output and employment. Odisha holds nearly half of India’s bauxite reserves and is the country’s largest producer of alumina.

The downstream manufacturing park is expected to attract manufacturers producing aluminium components for automobiles, railways, aerospace, power transmission, renewable energy, construction, packaging and advanced engineering industries.

Apart from generating direct employment, the project is expected to create thousands of indirect jobs in logistics, transport, engineering services, fabrication, maintenance and ancillary industries while providing a major boost to micro, small and medium enterprises.

Officials said the joint venture partners and the Odisha government will soon begin the next phase of the project, including land acquisition, statutory approvals and infrastructure planning. If implemented as planned, the project is expected to reinforce Odisha’s status as India’s metals capital while placing the state among Asia’s leading destinations for large-scale aluminium manufacturing and foreign investment.

“The chief minister has directed to form a special task force headed by the chief secretary to review the project every 15 days. It will be a priority project for the government. Land acquisition and all clearances will be expedited for early grounding of the project,” said Hemant Sharma, additional chief secretary, Industries Department.

The investment also expands the strategic partnership between Adani Group and IHC. Earlier this year, IHC group company ePointZero entered into a JV with Adani Green Energy for renewable energy projects across India.

IHC is one of the world’s largest investment firms, with a market capitalisation of $233 billion and a portfolio of over 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer. IRH, owned by IHC Group through 2PointZero, is a global mine-to-market platform.