Bhubaneswar, July 2 (AHN) The Rs 1.08 lakh crore ($11.5 billion) integrated greenfield aluminium project in Odisha, a 50:50 joint venture between Adani Enterprises Limited (AEL) and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, is expected to be Odisha's largest foreign direct investment (FDI) proposal and India's largest FDI in the metallurgy sector, it was announced on Thursday.

The greenfield project will be developed in two phases with investments of Rs 66,000 crore and Rs 44,000 crore. The investment is expected to create 53,500 jobs and position Odisha as a global aluminium manufacturing hub.

“Today marks Odisha's entry into the global aluminium supply chain. Already India's leading hub for metals and mineral-based industries, the state is now poised to become a global centre for aluminium and value-added manufacturing. This investment will enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing, creating greater value within the state," Chief Minister Mohan Charan Majhi said.

The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It is expected to generate around 53,500 jobs across construction and operations, according to an AEL statement.

"The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India's industrial competitiveness," Adani Ports and Special Economic Zone (APSEZ) Managing Director and Adani Cement Director, Karan Adani, 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.

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.

"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," IHC CEO Syed Basar Shueb said.

IHC is one of the world's largest investment firms, with a market capitalisation of $233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer.

IRH, an IHC Group company through 2PointZero, is a global mine-to-market platform that strategically invests across the value chain of minerals critical to the energy transition and technological advancement.

Adani Group and IHC have developed strong strategic ties in recent years. Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, supporting the country's energy transition.