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Abu Dhabi-based International Holding Company (IHC) and the Adani Group have signed a joint venture agreement to develop an integrated aluminium project in Odisha with an investment of USD 11.5 billion. The project, which will be owned equally by both partners, is expected to become India's largest foreign investment in the metals sector. It will include an alumina refinery, aluminium smelter, captive power plant and downstream manufacturing park. The development is expected to strengthen India's aluminium production capacity, create more than 53,000 jobs and support the country's growing industrial demand.
India is set to receive its largest foreign investment in the metals sector after Abu Dhabi-based International Holding Company (IHC) and the Adani Group signed a Memorandum of Understanding (MoU) to jointly develop an integrated aluminium project in Odisha. The proposed investment of USD 11.5 billion will be made through a 50:50 joint venture between the two companies, according to a state government official.
The integrated project will include an alumina refinery, an aluminium smelter, a captive power plant and a downstream aluminium manufacturing park, making it Odisha's largest aluminium complex. The facility will have an annual production capacity of 4 million tonnes of alumina, 2 million tonnes of aluminium and 1 million tonnes of downstream aluminium products.
The investment comes as India continues to expand domestic aluminium production to meet rising demand from infrastructure, power, transport and renewable energy sectors. The central government had outlined measures last year to increase aluminium production, while estimating that domestic demand could reach 8.5 million metric tonnes by FY2030. The proposed project is also expected to reduce India's dependence on imports of value-added aluminium products.
Odisha remains a key destination for aluminium investments because of its rich bauxite reserves, the primary raw material used for aluminium production. The state currently contributes around 54% of India's aluminium output, making it one of the country's most important mineral and metal-producing regions.
The project is expected to generate around 53,500 jobs, including approximately 35,000 during the construction phase and another 18,500 after commercial operations begin. The employment opportunities are expected to span mining, refining, smelting and downstream manufacturing activities.
The venture will also mark the Adani Group's entry into aluminium manufacturing. While the conglomerate has previously announced plans for alumina refining and aluminium projects in Odisha, it does not currently operate an aluminium manufacturing facility. In the metals sector, its flagship company, Adani Enterprises, already operates a USD 1.2 billion copper smelter in Gujarat, which is recognised as the world's largest single-site copper smelting facility.
Source Reuters
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