The Odisha government on Thursday signed an MoU with UAE-based International Holding Company (IHC) and the Adani Group for setting up an integrated aluminium project worth Rs 1.10 lakh crore, officials said.The venture represents the “largest foreign direct investment in Odisha’s history and the biggest FDI proposal in India’s metallurgy sector”, a senior government official said.The MoU was signed between IHC and the Industrial Promotion and Investment Corporation of Odisha (IPICOL) in the presence of Chief Minister Mohan Charan Majhi and senior company officials.Adani Enterprises Ltd and International Resources Holding (IRH), an IHC Group company, will form a 50:50 joint venture to develop the integrated green field aluminium project in Odisha, an Adani Group statement said.
According to the agreement, the partners will fund the investment through debt and equity for the project.It will comprise a 4-million tonne per annum (MTPA) alumina refinery, a 2-MTPA aluminium smelter, a 4,000-MW captive power plant, a 1-MTPA downstream manufacturing park, and associated infrastructure.The proposed facility could create direct and indirect employment for around 53,500 people across mining, refining, smelting, and downstream activities, the official said.The logistics are likely to be supported through the Dhamra Port – a 100 per cent subsidiary of Adani Ports and SEZ – on the Bay of Bengal, he said.Majhi said the project will open up “unprecedented opportunities” for industrial growth, employment, and economic transformation of Odisha.“This investment will enable Odisha to develop the complete aluminium value chain, from mining and refining to smelting and downstream manufacturing,” the CM said.