Bhubaneswar: Odisha govt on Thursday signed an MoU with Abu Dhabi-based International Holding Company (IHC) and the Adani Group for a $11.5 billion, or Rs 1.1 lakh crore integrated aluminium value chain project in the state. The project is being billed as the largest foreign direct investment in India’s mining and metallurgy sector.The project, to be set up at Rayagada in Sundargarh district, will include an alumina refinery, an aluminium smelter, a power plant and a downstream manufacturing park. It is expected to generate more than 53,500 direct and indirect jobs. According to the state govt, this is the highest-ever FDI received by Odisha in any sector.Chief minister Mohan Charan Majhi said the development marked a major milestone in Odisha’s industrial journey as the state moves towards becoming a global investment destination. Majhi said Odisha’s natural resources and skilled workforce, combined with West Asia’s capital and technological expertise, would create a strong and mutually beneficial partnership.He said the govt’s objective is not merely to export mineral wealth, but to promote industrialisation through large-scale value addition and employment generation for the youth.Majhi said collaboration with IHC Group would also be expanded to emerging sectors such as research and development, metallurgy, digital systems and Global Capability Centres. He assured that the Odisha govt would provide all necessary support, including land, water, power, logistics and official clearances, in a coordinated and time-bound manner.IHC chief strategic officer Peter Abram said the agreement would open a new chapter in India-UAE relations. He said the project is not just a business investment, but a long-term partnership for Odisha’s sustainable development. Built on trust, shared vision and common goals, the partnership is expected to drive growth in technology, infrastructure, financial services and consumer services, he added.Adani Ports and SEZ Ltd managing director Karan Adani said Odisha’s vast bauxite reserves, the largest in the country, and its share of more than 50% of India’s iron ore makes it the backbone of the nation’s industrial sector. He said the MoU would play a major role in taking Odisha’s people and local economy to the global stage.Additional chief secretary, industries, Hemant Sharma said that once operational, the project is expected to strengthen India’s aluminium manufacturing base and reinforce Odisha’s position as one of Asia’s leading destinations for large-scale industrial investment.IHC is one of the world’s largest investment firms, with a market capitalisation of $233 billion and a portfolio of more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer businesses.
