It is anticipated that the Rs 1.08 lakh crore ($11.5 billion) integrated greenfield aluminium project in Odisha, a 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an IHC Group company based in Abu Dhabi, will be the largest FDI proposal in Odisha and the largest FDI in the metallurgy sector in India. With investments of Rs 66,000 crore and Rs 44,000 crore, the greenfield project would be constructed in two stages. It is anticipated that the investment will establish Odisha as a global center for aluminum manufacture and generate 53,500 employment.
Odisha enters the global supply chain for aluminum today. Already India’s largest center for metals and mineral-based businesses, the state is now set to become a worldwide focus for aluminium and value-added manufacturing. Chief Minister Mohan Charan Majhi stated, “With this investment, Odisha will be able to develop the entire aluminum value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state.”
The project contains a 4 million metric tonnes per year (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream industrial park, backed by supporting infrastructure. According to an AEL release, it is anticipated to create about 53,500 employment in both construction and operations.
“The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. 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,” Adani Ports and Special Economic Zone (APSEZ) Managing Director and Adani Cement Director, Karan Adani, said.
About 35,000 jobs are anticipated to be created during the project’s building phase, and an additional 18,500 employment are anticipated to be supported by the project’s mining, alumina refining, aluminum production, and downstream manufacturing businesses. The project is also projected to produce considerable indirect jobs across logistics, engineering, maintenance, and related businesses. Once in operation, the project is anticipated to bolster Odisha’s standing as one of Asia’s top locations for significant industrial investment while also strengthening India’s aluminum manufacturing base.
“We are developing an integrated mining and minerals business through IRH, investing in critical minerals to promote industrial development, bolster supply chain resilience, and accelerate the energy transition.” IHC CEO Syed Basar Shueb stated, “This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminum project that creates lasting economic value.”
