Adani Enterprises and Abu Dhabi-based natural resources investment platform IHC Group have signed a Memorandum of Understanding (MoU) with the Odisha government to invest ₹1.08 lakh crore in setting up an integrated aluminium project in the state.
The investment will be made through a 50:50 joint venture between Adani Enterprises and IHC Group's subsidiary, 2PointZero, with IHC participating in the project through the unit.
The proposed project, described as the largest foreign direct investment in India's metallurgy sector, will span the entire aluminium value chain—from mining to value-added products.
Under the plan, the joint venture will establish a 4 million tonnes per annum (MTPA) alumina refinery at the foothills of the Sasubahu Mali bauxite mine in Rayagada district. It will also set up a 2 MTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, including 400 MW of green energy capacity, and a 1 MTPA downstream manufacturing park in Sundargarh district, located near a coal mine.
The project is expected to generate around 53,500 jobs during the construction and operational phases.
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