Adani, IHC Group ink MoU for $11.5 billion aluminium project in Odisha
The 50:50 project with the Abu Dhabi-based firm is India's largest metallurgy FDI and Odisha's largest-ever foreign direct investment proposal
Adani Enterprises, in a significant $11.5 billion joint venture with Abu Dhabi-based International Resources Holding (IRH), has signed a Memorandum of Understanding with the Government of Odisha to develop a large-scale integrated greenfield aluminium project, representing potentially Odisha's largest foreign direct investment and India's largest in metallurgy, which will include a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MMTPA downstream manufacturing park, projected to create approximately 53,500 jobs across its construction and operational phases; meanwhile, Adani Enterprises is also reportedly increasing its Qualified Institutional Placement (QIP) size to ₹150 billion, indicating substantial capital-raising activities for the conglomerate.
Adani Enterprises, in a significant $11.5 billion joint venture with Abu Dhabi-based International Resources Holding (IRH), has signed a Memorandum of Understanding with the Government of Odisha to develop a large-scale integrated greenfield aluminium project, representing potentially Odisha's largest foreign direct investment and India's largest in metallurgy, which will include a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MMTPA downstream manufacturing park, projected to create approximately 53,500 jobs across its construction and operational phases; meanwhile, Adani Enterprises is also reportedly increasing its Qualified Institutional Placement (QIP) size to ₹150 billion, indicating substantial capital-raising activities for the conglomerate.
Adani Enterprises, in a significant $11.5 billion joint venture with Abu Dhabi-based International Resources Holding (IRH), has signed a Memorandum of Understanding with the Government of Odisha to develop a large-scale integrated greenfield aluminium project, representing potentially Odisha's largest foreign direct investment and India's largest in metallurgy, which will include a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MMTPA downstream manufacturing park, projected to create approximately 53,500 jobs across its construction and operational phases; meanwhile, Adani Enterprises is also reportedly increasing its Qualified Institutional Placement (QIP) size to ₹150 billion, indicating substantial capital-raising activities for the conglomerate.
Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, have signed a memorandum of understanding with the Government of Odisha to develop an integrated greenfield aluminium project valued at approximately $11.5 billion.
The MoU was signed in Bhubaneswar on Thursday in the presence of Odisha Chief Minister Mohan Charan Majhi and Industries Minister Sampad Chandra Swain.
It is structured as a 50:50 joint venture between the two companies and is expected to be Odisha's largest-ever foreign direct investment proposal and India's largest foreign direct investment in the metallurgy sector.
The project comprises a 4 million tonnes per annum (MMTPA) alumina refinery, a 2MMTPA aluminium smelter, a 4,000-megawatt captive power plant and a 1MMTPA downstream manufacturing park, to be developed in two phases with investments of roughly ₹66,000 crore and ₹44,000 crore respectively.
The companies, in a joint statement, said the project is expected to generate around 53,500 jobs, comprising approximately 35,000 during construction and 18,500 in ongoing operations across mining, refining, smelting and downstream manufacturing.
Karan Adani, managing director of Adani Ports and Special Economic Zone, and Sagar Adani, executive director of Adani Green Energy, represented the Adani Group at the signing, while IHC was represented by group CEO Syed Basar Shueb and IRH CEO Ali Rashed Al Rashdi.
The venture builds on an earlier renewable energy partnership between Adani Green Energy and IHC subsidiary ePointZero, and forms part of IHC's broader multi-billion-dollar investment strategy in India.
Separately, Adani Enterprises also reportedly increased the size of its ongoing qualified institutional placement (QIP) to ₹150 billion, up from an originally planned ₹100 billion, according to the NSE website. A regulatory filing showed the company's QIP committee approved a floor price of ₹3,034.68 per equity share for the issue, with