Adani Enterprises and IRH, together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.
| Photo Credit: Reuters
Adani Enterprises and UAE’s International Holding Company (IHC) Group signed a Memorandum of Understanding (MoU) on Thursday (July 2, 2026) to form a 50:50 joint venture to set up an aluminium project in Odisha with an investment of $11.5 billion (₹1.08 lakh crore).
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.
The project will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.
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.
Following the signing of the MoU, the proposed joint venture partners, AEL (Adani Enterprises Ltd) and IRH (International Resources Holding, a subsidiary of IHC), together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.
Published – July 02, 2026 01:31 pm IST
