Adani-IHC expand Odisha investment plans to $25bn across 14 projects

Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group have expanded their investment plans in Odisha, outlining INR 2.105 trillion (USD 25 billion) of potential investment across 14 projects spanning metals, critical minerals, energy, chemicals and infrastructure.

The agreement, signed during Odisha Chief Minister Mohan Charan Majhi’s visit to the UAE, builds on the companies’ earlier USD 11.5 billion aluminium project announced in July. The broader portfolio includes metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, tourism, skills development and industrial and sports infrastructure.

The Odisha government estimates the 14 projects could create about 868,200 jobs, although the proposals remain at an indicative stage.

Aluminium project anchors the investment push

The centrepiece of the partnership is a proposed USD 11.5 billion integrated greenfield aluminium project, which would be developed through a 50:50 joint venture between Adani Enterprises and International Resources Holding (IRH), an IHC Group company under 2PointZero.

The project is designed around a 4 million tonnes per annum alumina refinery, 2 million tonnes per annum aluminium smelter, 4,000 MW captive power plant and 1 million tonnes per annum downstream manufacturing park. Adani Enterprises describes it as India's largest integrated aluminium investment and Odisha’s largest foreign direct investment proposal.

Potential sites have now been identified in two Odisha districts, with the alumina refinery proposed for Rayagada and the aluminium smelter for Sundargarh. The partners are expected to advance land acquisition, regulatory approvals and infrastructure planning as the project moves forward.

The aluminium development will be implemented in two phases, with investment of INR 660 billion in the first phase and INR 440 billion in the second, according to Adani Enterprises.

Once developed, the project would extend beyond primary aluminium production into downstream manufacturing, with the proposed industrial park intended to serve sectors including transport, construction, power, packaging, renewable energy and advanced engineering.

The broader 14-project portfolio therefore adds a wider industrial and critical-minerals dimension to the Adani-IHC partnership, while the aluminium complex provides its largest single investment component.

IHC has identified India as a strategic market for investments across energy, industrial and property sectors. Its group company ePointZero has also partnered with Adani Green Energy on renewable energy projects in India, adding another link between the two groups’ investment strategies.

IRH, meanwhile, focuses on minerals considered important to the energy transition and technology industries, with investments spanning exploration, processing and downstream distribution across commodities including copper, cobalt, nickel, manganese, graphite, rare earths, tin, tantalum and tungsten.