Adani Enterprises & IHC to form $11.5B Aluminium JV in Odisha

Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an IHC Group company, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to establish a 50:50 joint venture for a USD 11.5 billion integrated greenfield aluminium project. This project, valued at approximately ₹1.08 lakh crore, is set to be Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest in the metallurgy sector. It 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. The investment is projected to create 53,500 jobs and position Odisha as a global aluminium manufacturing hub, developing the complete aluminium value chain within the state.