Adani Group signs MoU with Abu Dhabi’s IHC for Rs 1.08 lakh crore aluminium project in Odisha

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Bhubaneswar: Adani Group on Thursday has signed a USD 11.5 billion (around Rs 1.08 lakh crore) Memorandum with the Abu Dhabi’s International Holding Company (IHC) in Bhubaneswar  on Thursday to develop an integrated aluminium manufacturing ecosystem in Odisha.

The project will be established in the Rayagada district (Kashipur). The MoU was signed in the presence of Chief Minister Mohan Charan Majhi.

CM Mohan Charan Majhi said the signing of the MoU marks the beginning of a new chapter in Odisha’s global industrial partnerships.
Moreover, it will also open partnership opportunities across sectors including green metals, R&D, Global Capability Centres (GCC), bolstering Odisha’s industrial ecosystem, said Odisha CM Mohan Charan Majhi.

The project is estimated to generate around 53,000 jobs with 35,000 during construction and another 18,500 once operations begin, said Shief Minister Mohan Majhi at ⁠the MoU signing ceremony. He also said that this will significantly boost employment and industrial development in the state.

Adani Enterprises Managing Director Karan Adani said the proposed project would be among the world’s largest investments in the aluminium sector and would significantly boost Odisha’s industrial development.

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According to him, the project will integrate the entire aluminium value chain and include an alumina refinery with a capacity of nearly 4 million tonnes per annum, an aluminium smelter of around 2 million tonnes per annum, and a downstream aluminium park of about 1 million tonnes per annum.

He also added that the project will also be backed by a captive power plant of around 4,000 MW along with a 400 MW green energy component.

Describing the investment as a milestone in Odisha’s industrial journey, Karan Adani said the state is rapidly transforming from a supplier of raw materials into a value-added manufacturing hub, aided by strong policy support and proactive governance.

He said the project aligns with India’s vision of becoming a developed nation by 2047 while contributing to Odisha’s aspiration of becoming a prosperous state by 2036 through value-added manufacturing and employment generation.

Odisha, accounting for about 54 per cent of India’s aluminium production owing to its abundant bauxite reserves, is expected to further consolidate its position as the country’s aluminium hub through the investment.

Also Read: Adani Group proposes Rs 1.08 lakh crore aluminium project in Odisha

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