Adani Group and Abu Dhabi-based International Holding Company (IHC) have announced jointly to build a mega project worth $11.5 billion (around Rs 1.08 lakh crore), aimed at boosting aluminium production capacity and creating large-scale employment, a press release said.

The two companies signed a memorandum of understanding with the Odisha state government of India on the occasion. This is now considered the largest direct foreign investment in Odisha’s history.

International Resources Holding (IRH), a subsidiary of IHC, along with Adani Group, will build an integrated aluminium complex under this joint venture. The project will include an alumina refinery with a capacity of 4 million metric tons, a 2 million metric ton aluminium smelter, a 4,000-megawatt captive power plant, and a downstream manufacturing park with a capacity of 1 million metric tons. Supporting infrastructure will also be developed. The project will be implemented in two phases, with $6.93 billion to be invested in the first phase and $4.62 billion in the second.

The project is expected to have a substantial positive impact on Odisha’s labor market. According to the Odisha government, around 53,500 jobs will be created in total, both direct and indirect. Of these, 35,000 jobs will be during the construction phase, and about 18,500 people will find permanent employment once the project becomes operational. The logistics and engineering sectors are also expected to see a significant boost in new job opportunities.

Odisha Chief Minister Mohan Charan Majhi and Industries Minister Sampad Chandra Swain were present at the signing ceremony. Adani Group representative Karan Adani described Odisha as one of the key hubs in India’s future industrial map. Meanwhile, IHC CEO Syed Basar Shueb described the investment as part of a global energy transition strategy.

Industry experts believe that once implemented, this project will significantly enhance Odisha’s importance in the global aluminium supply chain. Plans are underway to expedite land acquisition and infrastructure development to move the project forward.