In the largest foreign direct investment in the history of Odisha, the Mohan Majhi government on Thursday signed a memorandum of understanding with the Adani Group and Abu Dhabi-based International Holding Company (IHC) group for $11.5 billion (about $1.10 lakh crore) integrated aluminum project including bauxite mining, alumina refining, aluminum smelting and downstream manufacturing.
The agreement was signed at the state secretariat between the state’s industry promotion agency, IPICOL, and a newly created 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the natural resource investment platform of IHC Group. The meeting was attended by Prime Minister Mohan Sharan Majhi, Industries Minister Sambad Chandra Swain, IHC Group CEO Syed Basar Shoaib, Adani Ports and SEZ Director General Karan Adani.
The proposed new project will include bauxite mining, an alumina refinery in Rayagada district, an aluminum smelter in Sundargarh district, power generation, aluminum manufacturing and supporting infrastructure. The project will require approximately 7,300 acres across the two sites.
Describing the investment as a milestone in industrialization in Odisha, Majhi said it would help the state move towards value-added manufacturing while generating employment opportunities on a large scale.
“Our efforts to build a prosperous, modern, inclusive and industrially advanced Odisha by 2036 are progressing successfully. This partnership brings together Odisha’s rich natural resources with the Middle East’s skilled workforce, capital and technology, paving the way for long-term economic growth,” he said.
According to officials, the project is expected to generate about 35,000 jobs during the construction phase and another 18,500 after operation, bringing the total direct and indirect job opportunities to more than 53,500.
Karan Adani said Odisha’s vast mineral resources have made it one of the most attractive Indian destinations for metal manufacturing. He pointed out that the state has the largest bauxite reserve in the country and represents more than half of India’s iron ore resources.
He said Odisha had evolved from being primarily a supplier of raw materials to a value-added manufacturing hub, and the proposed investment would further integrate the state’s economy with global industrial value chains.
To speed up implementation, the government announced the formation of a special task force headed by the Chief Secretary to review the progress every 15 days.
The Adani Group already has a significant presence in Odisha through its port business. It operates Dhamra Port in Bhadrak district, acquired in 2014, and Gopalpur Port in Ganjam district, acquired in 2024. Dhamra, one of India’s deepest all-weather ports, serves the mineral-rich hinterland of Odisha, Jharkhand, Chattisgarh and West Bengal, while Gopalpur handles bulk cargo, including iron ore, alumina, coal, limestone, agricultural commodities, and catering services. Food. Largely to southern Odisha and parts of Andhra Pradesh.
