India’s Adani Group has entered into a preliminary agreement with Abu Dhabi’s International Holding Company (IHC) to invest $11.5 billion in a significant aluminium project set to be established in Odisha, a state in eastern India. This venture will be executed through a 50:50 joint enterprise between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an IHC subsidiary operating via 2PointZero. This development is poised to become Odisha’s largest aluminium complex and a major foreign direct investment within India’s metallurgy sector.
The ambitious project will encompass a four-million-metric-tonnes-per-year alumina refinery, a two-million-metric-tonnes-per-year aluminium smelter, a 4,000-megawatt captive power plant, and a downstream manufacturing park with a capacity of one million metric tonnes annually. This venture is set to unfold in two phases, with the first phase commanding an investment of approximately $6.9 billion, followed by $4.6 billion for the second. The partners will collaborate with the Odisha government to secure land, obtain regulatory approvals, and develop necessary infrastructure.
Expected to generate around 53,500 jobs during its construction and operational phases, the project will also boost indirect employment in sectors such as logistics, engineering, and maintenance. The downstream manufacturing park is strategically designed to draw businesses involved in producing components for transportation, construction, power, packaging, renewable energy, and advanced engineering industries. Adani and IHC anticipate that this project will fortify India’s aluminium manufacturing ecosystem and bolster long-term industrial growth across the nation.
IHC’s investment aligns with its broader strategy to expand globally in industries with potential to shape the future economy. The company is enhancing its presence in mining, energy, infrastructure, and technology, while IRH is focused on building an integrated minerals business crucial for the global energy transition. Earlier this year, ePointZero, another IHC subsidiary, collaborated with Adani Green Energy to develop renewable energy projects throughout India, further solidifying the partnership between these two business entities.
This initiative supports India’s ambition to amplify domestic aluminium production, with demand expected to reach 8.5 million tonnes by the 2030 financial year. Odisha, home to some of the largest bauxite reserves and contributing over half of India’s aluminium output, is strategically positioned for large-scale investments in this sector. The proposed facility aims to augment India’s manufacturing capabilities, strengthen supply chains, and solidify the country’s standing as a formidable force in the global aluminium industry.