Adani Enterprises Limited (AEL) and Abu Dhabi-based International Resources Holding (IRH) have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop an integrated aluminium production complex valued at approximately USD 11.5 billion (₹1.08 lakh crore).

Structured as a 50:50 joint venture, the project represents the largest Foreign Direct Investment (FDI) proposal in Odisha’s history and the largest foreign investment ever announced in India’s metallurgy sector.

The greenfield development will include a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MMTPA downstream manufacturing park. The integrated approach is intended to strengthen domestic aluminium production while expanding value-added manufacturing capabilities.

Development will take place in two phases, with approximately ₹66,000 crore allocated to Phase I and ₹44,000 crore to Phase II. Construction is expected to create around 35,000 jobs, while long-term operations across mining, refining, smelting, and downstream manufacturing are projected to support an additional 18,500 direct positions. Further employment opportunities are anticipated through logistics, engineering, maintenance, and supporting industries.

The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi and senior government officials, alongside representatives from both companies. Speaking at the event, Karan Adani, Managing Director of Adani Ports and Special Economic Zone (APSEZ), said the investment reflects the group’s long-term confidence in Odisha as a manufacturing destination and will further strengthen its partnership with IRH.