Odisha signs $11.5bn aluminium project with Adani, IHC

The government of Odisha has signed a memorandum of understanding with Adani Enterprises Ltd. and Abu Dhabi's International Resources Holding (IRH) for a proposed $11.5 billion integrated aluminium project, marking what officials describe as the largest foreign direct investment in the state's history and one of the biggest in India's metallurgy sector. The agreement was formalized on July 2 at a ceremony in Bhubaneswar.

The project will be developed through a 50-50 joint venture between the two companies, representing the Adani Group's entry into aluminium manufacturing. The planned greenfield complex in Odisha is designed to establish a complete value chain, including a 4 million metric tonnes per annum (MTPA) alumina refinery, a 2 MTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MTPA downstream manufacturing park.

Chief Minister Mohan Charan Majhi, who presided over the signing, called the agreement a historic milestone that will position Odisha as a global hub for aluminium manufacturing. He stated the project aligns with the state's long-term development vision and will move the economy beyond raw mineral exports toward value-added production. Majhi assured...