Adani Enterprises and IRH to Invest $11.5 Billion in Odisha Aluminium Project Through 50:50 Joint Venture

Adani Enterprises Limited (AEL) and International Resources Holding (IRH), an Abu Dhabi-based company under the IHC Group through 2PointZero, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop a large integrated aluminium project in the state.

The two companies will form a 50:50 joint venture to build the project, which involves a planned investment of around $11.5 billion (approximately ₹1.08 lakh crore).

India's Largest Integrated Aluminium Investment

The proposed greenfield project will include:

• A 4 million metric tonnes per annum (MMTPA) alumina refinery.
• A 2 MMTPA aluminium smelter.
• A 4,000 MW captive power plant.
• A 1 MMTPA downstream manufacturing park.
• Supporting infrastructure for the entire aluminium value chain. 

The project is expected to become India's largest integrated aluminium investment and Odisha's biggest foreign direct investment (FDI) proposal.

Project to Be Developed in 2 Phases

The project will be executed in 2 stages:

• Phase I: Investment of approximately ₹66,000 crore.
• Phase II: Investment of approximately ₹44,000 crore. 

Together, the two phases will account for a total investment of around ₹1.08 lakh crore.

Over 53,000 Jobs Expected

The project is expected to generate around 53,500 employment opportunities.

• Around 35,000 jobs are likely to be created during the construction phase.
• Another 18,500 jobs are expected once mining, refining, aluminium production and downstream manufacturing operations begin. 

In addition, the project is expected to support indirect employment across logistics, engineering, maintenance and ancillary industries.

Strengthening Odisha's Aluminium Industry

Odisha is home to some of India's largest bauxite reserves and is already a leading producer of alumina and aluminium.

The new investment aims to build a complete aluminium value chain within the state, covering mining, refining, smelting and value-added manufacturing. The downstream manufacturing park is also expected to attract industries producing components for transport, construction, power, packaging, renewable energy and advanced engineering, creating new opportunities for MSMEs.

Adani Group and IHC Expand Strategic Partnership

Adani Group and IHC have strengthened their relationship through several collaborations in recent years.

Earlier in 2026, ePointZero, another IHC Group company, entered into a joint venture with Adani Green Energy to develop renewable energy projects in India. The latest partnership with IRH further expands IHC's long-term investment plans in the country.

Leaders Highlight Long-Term Benefits

Odisha Chief Minister Mohan Charan Majhi said the investment would help the state become a global aluminium manufacturing hub while strengthening its contribution to India's long-term industrial development.

Adani Enterprises Share Price Movement

As of July 2, 2026 (3:30 PM ), Adani Enterprises share price (NSE: ADANIENT ) was trading at ₹3,165.00, up 0.68% or ₹21.40 for the day. The stock opened at ₹3,155.90 and touched an intraday high of ₹3,229.60, which also marked its 52-week high, before slipping to an intraday low of ₹3,147.00. The company had a market capitalisation of ₹3.67 lakh crore and was trading at a price-to-earnings (P/E) ratio of 42.51.

Read More: Bank of India Delivers ₹1,553 Crore Dividend to Government Amid FY26 Performance!

Conclusion

The proposed joint venture between Adani Enterprises and IRH marks one of the largest investments in India's aluminium sector. With an investment of $11.5 billion, the project is expected to strengthen Odisha's position as a global aluminium manufacturing hub, generate thousands of jobs, attract downstream industries and enhance India's role in the global aluminium supply chain.

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