Bhubaneswar: In a massive boost to India’s industrial landscape, the Odisha government on Thursday signed a landmark Memorandum of Understanding (MoU) with the Adani Group and International Holding Company (IHC) of Abu Dhabi to establish a state-of-the-art, fully integrated aluminum ecosystem.
The mega-project will see an astronomical investment of USD 11.5 billion (approximately Rs 1.08 lakh crore), making it one of the largest single industrial investments in the global aluminum sector.
The historic agreement was formalised in the presence of Odisha Chief Minister Mohan Charan Majhi, State Industries Minister Sampad Chandra Swain, IHC Managing Director and CEO Syed Basar Shueb, and Adani Ports and SEZ Managing Director Karan Adani.
A Comprehensive Aluminum Value Chain
Speaking at the ceremony, Karan Adani hailed the project as the beginning of a “new economic chapter” for Odisha that will accelerate India’s macro growth trajectory. He emphasised that the project is not merely defined by its financial scale, but by its deep economic impact.
“For the Adani Group, Odisha is not just part of eastern India. Our chairman, Gautam Adani, has always seen Odisha as the heart of eastern India’s economic development. He sees in Odisha not just resources but resilience, not just geography but destiny, not just potential but the power to lead India’s next wave of industrial growth. And this project is a major step in that direction.”
The proposed facility will house an entire integrated manufacturing ecosystem under one roof, consisting of:
Aluminum Refinery: ~4 million tons per annum (MTPA) capacity.
Aluminum Smelter: ~2 million tons per annum (MTPA) capacity.
Downstream Aluminum Park: ~1 million tons per annum (MTPA) capacity.
“It will be supported by a captive power plant of about 4,000 megawatts and a green energy component of about 400 megawatts. These numbers are not mere statistics; they represent the foundation of a new industrial future,” he stressed.
Massive Job Creation and Economic Transformation
Highlighting its immense natural wealth, Adani noted that Odisha is swiftly shifting its identity from a mere supplier of raw minerals to an advanced, value-added manufacturing powerhouse under the Mohan Majhi’s proactive governance. “Odisha’s rich mineral resources contribute significantly to the nation’s industrial development. The state holds the largest reserves of bauxite, over 50% of India’s iron ore reserve, substantial coal reserves supporting power and industrial growth, and rich deposits of chromite, manganese, limestone, and dolomite. This unique combination of abundant resources makes Odisha one of the most strategically important industrial destinations in India and provides a strong foundation for an integrated manufacturing ecosystem including metal, energy, cement, and downstream industries. With an extremely proactive government under the dynamic leadership of the Chief Minister, along with strong policy support, Odisha is transitioning from a raw material supplier to a value-added manufacturing hub, and it is our privilege to be here today in this great land of enterprise, courage, culture, and immense possibility.”
Beyond infrastructure, the project is set to become a massive employment engine for the region:
Construction Phase: Expected to generate nearly 35,000 jobs.
Operational Phase: Projected to sustain around 18,500 direct and indirect jobs.
“Behind every one of these numbers is a family, a dream, a young person acquiring a skill, a small business receiving an order, and a local entrepreneur finding a market. Together, let us build an Odisha that transforms Eastern India. Together, let us build an Odisha that strengthens Bharat. Together, let us make history.,” Adani said during his speech.
