Bhubaneswar: Chief Minister Mohan Charan Majhi said Odisha has taken a historic step towards realizing its vision of 'Samruddha Odisha 2036' with the signing of a Memorandum of Understanding (MoU) for a Rs 1.10 lakh crore mega integrated aluminium project with the UAE-based International Holding Company (IHC Group).
Odisha government on Thursday signed a Memorandum of Understanding (MoU) with the UAE-based International Holding Company (IHC Group) for a mega integrated aluminium project involving an investment of around $11.5 billion (approximately Rs 1.10 lakh crore).
The agreement was signed between the state's industrial promotion agency, IPICOL, and IHC Group at the Lok Seva Bhawan Convention Centre in Bhubaneswar in the presence of Chief Minister Mohan Charan Majhi, senior government officials and industry leaders.
Adani Enterprises Limited (AEL), the flagship company of the Adani Group, and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform and an IHC Group company through 2PointZero, signed the MoU with the Government of Odisha through their newly formed 50:50 joint venture to develop an integrated greenfield aluminium project in the mineral-rich state.
Describing the agreement as a milestone in the state's industrial journey, Majhi said the project would accelerate Odisha's transformation into a prosperous, modern, inclusive and industrially advanced state while generating large-scale employment and promoting sustainable industrial growth.
The proposed project, involving an investment of approximately $11.5 billion, will include bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream aluminium manufacturing and supporting infrastructure.
Majhi said the project is expected to create around 35,000 jobs during construction and 18,500 jobs after commissioning, generating more than 53,500 direct and indirect employment opportunities.
He reiterated that the government's focus is on maximizing value addition to Odisha's mineral resources rather than exporting raw materials.
"Our key objective is to create employment opportunities for Odisha's youth through industrialisation and value-added manufacturing," he said.
Highlighting the growing global emphasis on environmentally sustainable industries, the Chief Minister said the project would strengthen Odisha's position in the emerging green metals sector.
"The world is moving towards green metals and eco-friendly industrialisation. Odisha is preparing to play a leading role in this transition, and this project will significantly contribute to that goal," he said.
Majhi also said the state government remains committed to achieving the twin visions of 'Samruddha Odisha 2036' and 'Viksit Bharat 2047', with plans to develop Odisha into one of India's leading industrial hubs by its centenary year.
Beyond the aluminium project, he said Odisha and IHC Group would explore cooperation in research and development (R&D), metallurgy, digital systems and Global Capability Centres (GCCs).
Assuring investors of full government support, the Chief Minister said the state would provide land, water, power, logistics and all required approvals in a coordinated and time-bound manner to ensure successful implementation of the project.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ), praised Odisha's rich mineral reserves and industrial potential. He noted that the state possesses India's largest bauxite reserves and more than half of the country's iron ore resources.
He said Odisha has transformed from being primarily a supplier of raw materials into a value-added manufacturing hub, adding that the MoU would play a significant role in integrating the state's economy with global industrial value chains.
Speaking at the event, IHC CEO Syed Basar Shueb said, "We are building long-term platforms in industries that will define the future of the global economy. Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience and advance the
energy transition. This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop
a world-class integrated aluminium project that creates lasting economic value.”
Industries Minister Sampad Chandra Swain, Chief Secretary Anu Garg, IHC Group Managing Director and CEO Syed Basar Shueb, International Resources Holding (IRH) CEO Ali Al-Rashdi, senior executives from IHC Group, and top state government officials attended the event.
The project will be developed in two phases, with investments of approximately Rs 66,000 crore in Phase I and Rs 44,000 crore in Phase II, the press release said.
During the construction period, the project is expected to create around 35,000 jobs, while the project's mining,
alumina refining, aluminium production and downstream manufacturing operations are expected to support
another 18,500 jobs. The project is also expected to generate significant indirect employment across logistics,
engineering, maintenance and ancillary industries.
The investment will deepen value-added aluminium manufacturing in Odisha while strengthening India's position in
global aluminium supply chains. The downstream manufacturing park is expected to attract manufacturers
producing components for transport, construction, power, packaging, renewable energy and advanced engineering,
supporting the growth of micro, small and medium enterprises (MSMEs) across the state.
Once operational, the project is expected to strengthen India's aluminium manufacturing base while reinforcing
Odisha's position as one of Asia's leading destinations for large-scale industrial investment.
Following the signing of the MoU, the joint venture partners, AEL and IRH, together with the Government of Odisha,
will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure
planning.
