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
