Odisha Signs Landmark $11.5 Billion Aluminium Project Deal with UAE’s IHC

In a major step towards transforming Odisha into a global industrial hub, the Odisha government on Thursday signed a landmark Memorandum of Understanding (MoU) with the International Holding Company (IHC) of the United Arab Emirates (UAE) for a mega integrated aluminium project. The agreement, signed between the state’s industrial promotion agency IPICOL and IHC at Lok Seva Bhawan Convention Centre in Bhubaneswar, will bring an estimated investment of USD 11.5 billion (around ₹1.10 lakh crore).

The proposed project is one of the largest industrial investments in Odisha’s history and is expected to strengthen the state’s position as a leading destination for global investments.

Integrated Aluminium Value Chain Planned

Chief Minister Mohan Charan Majhi, who attended the signing ceremony, said the project aligns with the government’s vision of building a prosperous, modern, and inclusive Odisha by 2036. He expressed confidence that the partnership would combine Odisha’s rich natural resources and skilled workforce with the UAE’s capital and advanced technology.

The integrated project will include bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream aluminium manufacturing, and supporting infrastructure development, creating a complete aluminium value chain within the state.

Over 53,500 Employment Opportunities

According to the Chief Minister, the project is expected to generate more than 53,500 direct and indirect employment opportunities. Around 35,000 jobs will be created during the construction phase, while nearly 18,500 people will be employed once the project becomes operational.

He reiterated that the state’s objective is not merely to export mineral resources but to encourage value addition, industrialisation, and large-scale employment for Odisha’s youth.

Focus on Green Metals and Future Industries

Highlighting the growing global demand for sustainable manufacturing, Majhi said Odisha aims to become a leader in the production of green metals and environmentally responsible industrial development. Beyond the aluminium project, the government plans to collaborate with IHC in emerging sectors such as research and development, metallurgy, digital systems, and Global Capability Centres (GCCs).

He also assured investors that the state government would facilitate timely approvals and provide essential infrastructure, including land, water, power, and logistics support.

India-UAE Partnership Gets a Boost

Speaking at the event, Peter Abraham, Chief Strategic Officer of IHC, described the agreement as a new chapter in India-UAE economic cooperation. He said the partnership represents a long-term commitment to Odisha’s sustainable development and could pave the way for collaboration in technology, infrastructure, financial services, and consumer sectors.

Meanwhile, Karan Adani, Managing Director of Adani Ports and SEZ Ltd., praised Odisha’s abundant mineral resources and investor-friendly policies. He said the state has successfully transitioned from being merely a supplier of raw materials to becoming a major manufacturing hub, adding that the new project would significantly strengthen Odisha’s industrial ecosystem and contribute to long-term economic growth.