Billionaire Gautam Adani, Abu Dhabi’s IHC To Invest $11.3 Billion In Aluminum Project In Odisha

Adani Enterprises and Abu Dhabi-based International Holding Co. (IHC) will invest 1.08 trillion rupees (about $11.3 billion) to build an integrated aluminum project in Odisha, the companies said. The partners will form a 50:50 joint venture to develop the facility in two phases — the first phase requiring roughly 660 billion rupees and the second about 440 billion rupees — with the project expected to produce 4 million tonnes of alumina, 2 million tonnes of aluminium and 1 million tonnes of value-added aluminium products annually when completed.

Direct quote

“Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India’s industrial competitiveness,” Karan Adani, managing director of Adani Ports and Special Economic Zone, said in the companies’ statement.

Context and details

The joint venture deepens an existing partnership between Adani Enterprises — the flagship company of billionaire Gautam Adani — and IHC, which has also invested more than $2 billion in the Adani Group since 2022. Syed Basar Shueb, CEO of IHC, framed the project as part of a broader strategic push: “This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminum project that creates lasting economic value.”

Located in Odisha, the project is sited in a state that holds some of India’s largest bauxite reserves, the primary raw material for aluminium production, and currently accounts for about 54% of the country’s aluminium output. The facilities are planned to supply aluminium inputs and finished products to multiple sectors, including transportation, construction, power, packaging, renewable energy and advanced engineering.

Companies disclosed the staged investment plan but did not provide a timeline for project completion. The full capacity, once operational, will include annual output targets of 4 million tonnes of alumina (the processed ore feedstock), 2 million tonnes of primary aluminium and 1 million tonnes of downstream, value-added aluminium products.

Outlook

The project is projected to generate approximately 53,500 jobs across construction and operational phases, a significant employment impact for the region. Strategically, the investment is designed to expand domestic aluminium manufacturing capacity and reduce reliance on imports of intermediates and finished products.

• Investment: 1.08 trillion rupees (~$11.3 billion)
• JV split: 50:50 between Adani Enterprises and IHC
• Phase I investment: ~660 billion rupees; Phase II: ~440 billion rupees
• Planned annual output: 4M tonnes alumina, 2M tonnes aluminium, 1M tonnes value-added products
• Estimated jobs created: ~53,500 (construction and operations)
• Adani Group connection: Chairman Gautam Adani; Adani Enterprises is the flagship company

With an estimated net worth of $90.5 billion, Gautam Adani leads a conglomerate with interests spanning ports, energy, mining, logistics and more; the new aluminium complex marks a major industrial bet in a state rich in bauxite and already central to India’s aluminium sector. Neither company has announced a firm completion date for the project.