"Adani" and International Holding Company launch a $11.5 billion aluminum project in Odisha

Bhubaneswar – India, 2 July / WAM / Adani Enterprises Limited, the flagship company of the Adani Group, and International Resources Holding, the Abu Dhabi-based natural resources investment platform and a subsidiary of the International Holding Company group through Two Point Zero, today signed a memorandum of understanding with the Government of Odisha to develop a new integrated aluminum project in the Indian state, which is rich in mineral resources.

Adani Enterprises Limited and International Holdings, through International Resources Holding, will establish a joint venture with equal shares to implement the proposed investment.

The value of the investment is approximately 1.08 lakh crore rupees, equivalent to approximately 11.5 billion dollars, and it is expected to be the largest proposed foreign direct investment project in Odisha, and the largest foreign direct investment in the mineral industries sector in India.

The project includes an alumina refinery with a production capacity of 4 million metric tons annually, an aluminum smelter with a production capacity of 2 million metric tons annually, a dedicated power station with a capacity of 4,000 megawatts, and an aluminum products manufacturing complex with a capacity of 1 million metric tons annually, in addition to the supporting infrastructure. The project is expected to provide about 53,500 job opportunities through the construction and operation phases.

Based on an established partnership in the fields of energy, electricity transmission networks and artificial intelligence, the Adani Group and the International Holding Company have developed strong strategic relationships in recent years.

Earlier this year, EPoint Zero, a subsidiary of the International Holding Company, entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, supporting the country’s energy transition.

The new joint venture with International Resources Holding represents an important milestone in the Global Holding Company’s previously announced strategy to invest billions of dollars in India, reflecting the group’s firm commitment to long-term investment in strategic sectors that support the growth of the industrial sector and economic development.

The MoU was signed in the presence of His Excellency Mohan Charan Majhi, Chief Minister of Odisha, His Excellency Sambad Chandra Swain, Minister of Industries, Skill Development and Technical Education, along with senior officials of the Government of Odisha.

The signing ceremony was attended by Sayed Basr Shuaib, CEO, Managing Director and Board Member of International Holding Company, Ali Rashid Al Rashdi, CEO of International Resources Holding, and Mohamed Hisham, CEO of EPoint Zero.

The Adani Group was represented by Karan Adani, Managing Director of Adani Ports and Special Economic Zone and Member of the Board of Directors of Adani Cement, along with Sagar Adani, CEO of Adani Green Energy Limited.

The event brought together an elite group of industry leaders, representatives of sector unions, students from the World Skill Center, and senior government officials, in a participation that reflected the spectrum of the comprehensive system that will benefit from the project’s capabilities and support its successful implementation.

His Excellency Mohan Charan Majhi, Chief Minister of Odisha, said that this day represents an important milestone for Odisha, which will join the global aluminum supply chain. The state, which is today a leading center in India for industries based on metals and mineral resources, is preparing to move forward towards consolidating its position as a global center for aluminum and the manufacture of value-added products. This investment will enable Odisha to develop an integrated value chain for aluminum, starting from mining and refining to smelting and manufacturing. Transformative, creating greater value within the state, in an important step towards achieving the Prosperous Odisha Vision 2036 and enhancing our contribution to the Vision of a Prosperous India 2047.

Karan Adani, Managing Director of Adani Ports and Special Economic Zone and member of the Board of Directors of Adani Cement, said: “The proposed project reflects our confidence in Odisha as a well-established industrial destination. The joint venture between the Adani Group and the International Holding Company Group will strengthen our strong partnership. In cooperation with the Odisha government, we will work to build an integrated aluminum ecosystem that will create job opportunities, expand the manufacturing scope of value-added aluminum products, and enhance industrial competitiveness.” For India.

Sayed Basr Shuaib, CEO of International Holding Company, said: At International Holding Company, we are working to build long-term platforms in vital sectors that will shape the future of the global economy. Through International Resources Holding, we continue to build integrated businesses in mining and metals, and invest across the value chain in vital minerals to support industrial development, enhance the flexibility of supply chains, and advance the path of energy transformation. The partnership with Adani Enterprises reflects this strategy and our shared ambition to develop an integrated global aluminum project that achieves sustainable economic value.

His Excellency Sambad Chandra Swain, Minister of Industry, said that this investment reflects the growing confidence in the industrial ecosystem in Odisha, noting that the government will work with all parties concerned to provide timely approvals and facilitate the implementation of the project.

The project will be developed in two phases, with investments amounting to about Rs 66,000 crore in the first phase and Rs 44,000 crore in the second phase.

During the construction period, the project is expected to provide about 35,000 job opportunities, while mining operations, alumina refining, aluminum production, and aluminum product manufacturing are expected to support about 18,500 additional job opportunities. The project is also expected to generate many indirect job opportunities in the logistics services, engineering, maintenance, and support industries sectors.

This investment will contribute to the development of value-added aluminum manufacturing operations in Odisha, and strengthen India’s position in global aluminum supply chains.

The Aluminum Products Manufacturing Park is expected to attract manufacturers that produce components for the transportation, construction, energy, packaging, renewable energy and advanced engineering sectors, supporting the growth of micro, small and medium enterprises across the state.

Upon commencement of operations, the project is expected to strengthen India’s aluminum manufacturing base and consolidate Odisha’s position as one of the most prominent Asian destinations for major industrial investments.

Following the signing of the MoU, project partners Adani Enterprises Limited and International Resources Holding, along with the Government of Odisha, will work on the next phase of the project, including land acquisition, regulatory approvals, and infrastructure planning.

The International Holding Company is one of the largest investment companies in the world, with a market value of $233 billion and a portfolio of more than 1,300 subsidiaries operating in the technology, infrastructure, financial services and consumer sectors.

As for “International Resources Holding”, a subsidiary of the International Holding Company through the “Two Point Zero” group, it is a global platform specialized in the minerals and natural resources sector, and invests in various stages of the value chain, starting from mining and production all the way to supplying to global markets, with a focus on vital minerals necessary for the transformation in the field of energy and driving technological progress.

Odisha contains some of the largest bauxite reserves in India, making it a major producer of alumina and aluminum. This investment will contribute to consolidating the state’s position as a global center for aluminum manufacturing through the integration of the aluminum value chain, from mining to the manufacturing of value-added aluminum products.

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