Odisha added a golden chapter to its industrial history today as the state government’s Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL) signed a landmark Memorandum of Understanding (MoU) with the UAE-based International Holding Company (IHC Group) for a mega integrated aluminium project worth Rs 1.10 lakh crore (USD 11.5 billion).
Chief Minister Mohan Charan Majhi, present at the signing ceremony at Lok Seva Bhawan Convention Centre, reaffirmed the government’s commitment to building a prosperous, modern, and inclusive Odisha by 2036. He emphasised that the partnership would combine Odisha’s rich resources and talent with Middle Eastern capital and technology, creating a robust industrial ecosystem.
The proposed project will encompass bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream aluminium production, and infrastructure development. Importantly, it is expected to generate over 53,500 direct and indirect jobs—including 35,000 during the construction phase and 18,500 once operational.
Highlighting the global shift towards sustainable industry, the Chief Minister noted that Odisha aims to play a leading role in the emerging ‘green metals’ sector. “This project will strengthen our vision of eco-friendly industrialisation while creating employment opportunities for the youth,” he said.
The collaboration extends beyond aluminium, with plans for joint initiatives in research and development, metallurgy, digital systems, and Global Capability Centres (GCCs). The state government assured timely support in land, water, power, logistics, and approvals to ensure smooth execution.
IHC Group’s Chief Strategic Officer Peter Abram described the MoU as a “new chapter in India-UAE relations,” stressing that it represents not just an investment but a long-term partnership for sustainable development.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone Limited, described the project as “ambition at a truly global scale.” He emphasised that the investment represents not only size but also transformative impact on Odisha’s economy and India’s industrial future.
The project envisages a fully integrated aluminium ecosystem, including an alumina refinery of 4 million tonnes per annum, an aluminium smelter of 2 million tonnes per annum, and a downstream aluminium park of 1 million tonnes per annum. It will be supported by 4,000 MW of captive power capacity and a 400 MW green energy component.
Karan Adani highlighted that the project will generate nearly 35,000 jobs during construction and support around 18,500 jobs during operations. He noted that behind every statistic lies a family, a dream, and a community gaining new opportunities.
The event was attended by Industry Minister Sampad Chandra Swain, Chief Secretary Anu Garg, IHC Group CEO Syed Basar Swaib, IRH CEO Ali Al-Rasdi, senior officials, industry leaders, and media representatives. IPICOL Director Aboli Sunil Narbhavne delivered the vote of thanks.
With this landmark agreement, Odisha takes a decisive step towards its vision of becoming an industrial powerhouse by its centenary year in 2036, aligning with the national goal of ‘Developed India 2047.’
