Adani Enterprises, IHC's IRH Sign MoU for USD 11.5 Billion Integrated Greenfield Aluminium Project in Odisha
Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform of the IHC Group, have signed a Memorandum of Understanding with the Government of Odisha to develop an integrated greenfield aluminium project in the state. The MoU was signed on July 2, 2026, in Bhubaneswar. AEL and IRH, through its subsidiary 2PointZero, will form a 50:50 joint venture to execute the project.
The proposed investment is valued at approximately ₹1.08 lakh crore (USD 11.5 billion) and is expected to be Odisha's largest Foreign Direct Investment proposal and India's largest FDI in the metallurgy sector. The project comprises a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure.
The project will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II. It is expected to generate around 53,500 jobs, comprising roughly 35,000 jobs during construction and 18,500 jobs in ongoing mining, refining, smelting and downstream manufacturing operations.
The downstream manufacturing park is expected to attract manufacturers producing components for transport, construction, power, packaging and renewable energy sectors, supporting MSMEs across the state. Following the MoU signing, AEL, IRH and the Government of Odisha will proceed with the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.
The project builds on an existing partnership between the Adani Group and IHC across energy, transmission and AI, including an earlier joint venture between IHC's ePointZero and Adani Green Energy for renewable energy projects in India.