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UAE’s IHC, India’s Adani sign deal for Dh42 billion aluminium project
The mega project, a 50:50 joint venture, is expected to create 53,000 jobs in the Indian state of Odisha; it is also the largest FDI project to-date for the Indian state
- PUBLISHED: Thu 2 Jul 2026, 6:11 PM
Abu Dhabi-based IHC Group and India's Adani Group have signed an agreement to jointly develop an $11.5 billion (Dh42.2 billion) greenfield aluminium project in the eastern Indian state of Odisha.
The project, which is a 50:50 joint venture, is expected to be Odisha's largest foreign direct investment (FDI) proposal to date and India's largest FDI in the metallurgy sector.
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The project includes a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt captive power plant and a 1 MMTPA downstream manufacturing park, along with supporting infrastructure. It is expected to generate around 53,500 jobs across construction and operations, and will be developed in two phases.
During construction, the project is expected to create close to 35,000 jobs, while mining, alumina refining, aluminium production and downstream manufacturing operations are expected to support a further 18,500 positions once running. Indirect employment across logistics, engineering, maintenance and ancillary industries is also anticipated.
Deepening UAE-India ties
The tie-up builds on an existing partnership between the two groups spanning energy, transmission and artificial intelligence.
Earlier this year, IHC company ePointZero entered a joint venture with Adani Green Energy to develop renewable energy projects across India. The Odisha aluminium project marks a further step in IHC's broader, previously announced multi-billion-dollar investment strategy for India.
The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi and Minister for Industries and Skill Development & Technical Education Sampad Chandra Swain, along with senior state officials.
Odisha Chief Minister Mohan Charan Majhi said the agreement marked the state's entry into the global aluminium supply chain.
“Already India's leading hub for metals and mineral-based industries, the state is now poised to become a global centre for aluminium and value-added manufacturing,” he said, adding that the project would let Odisha build out the full aluminium value chain “from mining and refining to smelting and downstream manufacturing.”
IHC chief executive Syed Basar Shueb said the group was “building long-term platforms in industries that will define the future of the global economy.”
Once operational, the project is expected to strengthen India's aluminium manufacturing base while reinforcing Odisha's position as one of Asia's leading destinations for large-scale industrial investment.
