India-based Adani Enterprises and Abu Dhabi-based International Holding Company (IHC), through its natural resources platform International Resources Holding (IRH), have announced a joint investment of around ₹1.08 lakh crore (US$11.5 billion) to develop an integrated aluminium manufacturing complex in Odisha, marking India's largest foreign direct investment in the metallurgy sector.

The two companies will form a 50:50 joint venture to build a greenfield project comprising a 4 million tonnes per annum (MTPA) alumina refinery, a 2 MTPA aluminium smelter, a 4,000 MW captive power plant, and a 1 MTPA downstream aluminium manufacturing park. The project will be developed in phases and is expected to position Odisha as a major global hub for aluminium production.

The Memorandum of Understanding (MoU) was signed with the Odisha government during the state's investment promotion initiative. According to the companies, the project is expected to create around 53,500 jobs, including approximately 35,000 during construction and 18,500 permanent operational jobs once commissioned.

The investment marks the Adani Group's entry into aluminium manufacturing, adding another strategic metal to its portfolio following its expansion into copper processing. Industry analysts view the move as a significant challenge to the long-standing dominance of India's aluminium market by Hindalco Industries and Vedanta Aluminium.

Odisha, which accounts for more than half of India's aluminium production and possesses some of the country's largest bauxite reserves, was chosen for the project because of its resource base and established mining ecosystem. The integrated facility is expected to strengthen domestic aluminium production and reduce India's dependence on imports of value-added aluminium products while supporting demand from infrastructure, power, transportation, renewable energy and construction sectors.

The downstream manufacturing park is expected to attract manufacturers producing aluminium components for transport, construction, power, packaging, renewable energy and advanced engineering applications, while also supporting the growth of micro, small and medium enterprises (MSMEs) in the state.