International Resources Holding, the Abu Dhabi based natural resources investment platform and an IHC Group company through 2PointZero, has signed a Memorandum of Understanding with Adani Enterprises Limited and the Government of Odisha to develop an integrated greenfield aluminium project in the state, in what is expected to be India’s largest foreign direct investment in the metallurgy sector.
AEL and IHC, through its subsidiary IRH, will form a 50:50 joint venture for the proposed project, valued at approximately ₹1.08 lakh crore (USD 11.5 billion). It is also expected to be Odisha’s largest FDI proposal.
The project comprises a 4 million metric tonnes per annum alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 megawatt captive power plant and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.
The project is expected to generate around 53,500 jobs: about 35,000 during construction, with mining, alumina refining, aluminium production and downstream manufacturing operations expected to support another 18,500, alongside significant indirect employment across logistics, engineering, maintenance and ancillary industries.
The MoU was signed in Bhubaneswar on 2 July in the presence of Odisha Chief Minister Mohan Charan Majhi and Industries Minister Sampad Chandra Swain. IHC was represented by Syed Basar Shueb, CEO, Managing Director and Board Member; Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero. Karan Adani, Managing Director of Adani Ports and Special Economic Zone, and Sagar Adani, Executive Director of Adani Green Energy, represented the Adani Group.
“At IHC, we are building long-term platforms in industries that will define the future of the global economy,” said Syed Basar Shueb, CEO of IHC. “Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience and advance the energy transition. This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminium project that creates lasting economic value.”
The venture builds on an established partnership between the two groups across energy, transmission and artificial intelligence. Earlier this year, IHC Group company ePointZero entered a joint venture with Adani Green Energy to develop renewable energy projects across India. The release describes the new venture as another milestone in IHC’s previously announced multi billion dollar investment strategy for India.
“Today marks Odisha’s entry into the global aluminium supply chain,” said Chief Minister Mohan Charan Majhi. “Already India’s leading hub for metals and mineral-based industries, the state is now poised to become a global centre for aluminium and value-added manufacturing. This investment will enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state. It is an important step towards Samruddha Odisha 2036 and our contribution to Viksit Bharat 2047.”
“The proposed project reflects our confidence in Odisha as a long-term manufacturing destination,” said Karan Adani, Managing Director, Adani Ports and Special Economic Zone and Director, Adani Cement. “The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India’s industrial competitiveness.”
The downstream manufacturing park is expected to attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering, supporting the growth of micro, small and medium enterprises across the state. Odisha is home to some of India’s largest bauxite reserves and is already a major producer of alumina and aluminium.
IHC is one of the world’s largest investment firms, with a market capitalisation of USD 233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer. IRH is a global mine to market platform investing across the value chain of minerals critical to the energy transition and technological advancement.
Following the signing, the joint venture partners and the Government of Odisha will advance land acquisition, statutory approvals and infrastructure planning.
