The Adani Group of India and Abu Dhabi’s International Holding Company (IHC) have sealed a preliminary agreement to invest $11.5 billion in a significant aluminium project located in the eastern Indian state of Odisha. This initiative will be executed through a 50:50 joint venture involving Adani Enterprises Limited (AEL) and International Resources Holding (IRH), a subsidiary of IHC operating via 2PointZero. Upon completion, the development is set to become the largest aluminium complex in Odisha and one of the most substantial foreign direct investments in India’s metallurgy sector.
The ambitious greenfield project will feature an integrated setup including 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 production capacity of one million metric tonnes annually. The project will be executed in two phases, with an investment of approximately $6.9 billion for the first phase and $4.6 billion for the second. The partners are set to collaborate with the Odisha government to navigate land acquisition, regulatory approvals, and infrastructure development.
In terms of economic impact, the investment is projected to generate about 53,500 jobs across the construction and operational phases, with additional employment opportunities arising in logistics, engineering, maintenance, and related sectors. The downstream manufacturing park is designed to attract companies producing components for industries such as transportation, construction, power, packaging, renewable energy, and advanced engineering. The companies involved anticipate that the project will bolster India’s aluminium manufacturing ecosystem and support sustained industrial growth.
IHC’s investment aligns with its broader strategy to expand in global industries poised to influence the future economy, particularly in mining, energy, infrastructure, and technology. International Resources Holding continues to develop a minerals business focusing on resources critical to the global energy transition. Earlier this year, another IHC group subsidiary, ePointZero, partnered with Adani Green Energy to develop renewable energy projects across India, further solidifying the collaboration between the two business entities.
This project underscores India’s commitment to boosting domestic aluminium production, with demand predicted to reach 8.5 million tonnes by the 2030 financial year. Odisha, home to some of India’s largest bauxite reserves and a key contributor to the nation’s aluminium output, has become a strategic hub for large-scale investments in the sector. The proposed facility is expected to enhance India’s manufacturing capabilities, strengthen supply chains, and reinforce the country’s standing as a major player in the global aluminium industry.