India’s Adani Group and International Holding Company (IHC) from Abu Dhabi have embarked on a significant venture to invest $11.5 billion into an aluminium project in Odisha, located in eastern India. This initiative, aimed at establishing the largest aluminium complex in Odisha and one of the most substantial foreign direct investments in India’s metallurgy sector, will be executed through a 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an IHC affiliate operating via 2PointZero.
The ambitious greenfield development plans to set up a comprehensive aluminium manufacturing facility, featuring a four-million-metric-tonnes-per-year alumina refinery, a two-million-metric-tonnes-per-year aluminium smelter, and a 4,000-megawatt captive power plant. It will also incorporate a downstream manufacturing park designed for an annual output of one million metric tonnes. The project is planned in two phases, with the first phase receiving approximately $6.9 billion, followed by $4.6 billion for the second. The companies will collaborate with the Odisha government to secure land, obtain regulatory clearances, and develop necessary infrastructure.
Significant employment opportunities are anticipated, with around 53,500 jobs expected during both the construction and operational phases. Additionally, the project is poised to generate indirect employment across various sectors such as logistics, engineering, and maintenance. The downstream manufacturing park is expected to draw in businesses catering to transportation, construction, power, packaging, renewable energy, and advanced engineering industries. This initiative is projected to bolster India’s aluminium manufacturing ecosystem and promote sustained industrial growth.
IHC highlighted that this investment aligns with its global expansion strategy in future-forward industries. The company is broadening its footprint in mining, energy, infrastructure, and technology sectors, while IRH focuses on building a cohesive minerals business essential for the worldwide energy transition. Earlier in the year, ePointZero, another IHC subsidiary, teamed up with Adani Green Energy to develop renewable energy projects across India, further fortifying the collaboration between the two conglomerates.
The project is a strategic move to augment India’s domestic aluminium production, with demand expected to rise to 8.5 million tonnes by the 2030 financial year. Odisha, home to significant bauxite reserves and contributing over half of India’s aluminium output, presents an ideal location for such large-scale investments. The proposed facility is set to expand India’s manufacturing capabilities, strengthen supply chains, and cement the country’s status as a prominent player in the global aluminium industry.