IHC and Adani Group Partner with Odisha Government for $25 Billion Investment in 14 Major Projects

Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group have signed an initial agreement with the government of the state of Odisha to invest approximately 2.1 trillion rupees ($25 billion) toward the development of 14 projects.

The proposed portfolio encompasses metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, health care, industrial and sports infrastructure, tourism, and skills development, according to a joint statement released on Thursday. These projects have the potential to create employment for more than 8.6 million people. The announcement was made during the Odisha chief minister’s visit to the UAE.

This development follows an initial pact signed in July by the two companies to invest $11.5 billion in developing an aluminium project in Odisha. International Resources Holding (IRH), an IHC group company operating through 2PointZero, and Adani Enterprises Limited (AEL) signed that initial agreement with the Indian state for the integrated greenfield aluminium project. AEL and IHC are set to form a joint venture with an equal 50 percent stake each for the proposed venture.

The initiative will feature a four million metric tonnes per annum (mmtpa) alumina refinery, a two mmtpa aluminium smelter, a 4,000 megawatt captive power plant, and a one mmtpa downstream manufacturing park. The project will unfold in two phases, requiring investments of about $6.9 million in the first phase and $4.6 million in the second.

Both sides have now advanced discussions regarding potential sites for the integrated aluminium project, proposing land in the Rayagada district for the alumina refinery and in the Sundargarh district for the aluminium smelter, Thursday's statement noted. IHC, recognized as one of the most valuable holding companies in the Middle East, operates through more than 1,300 subsidiaries with a footprint spanning technology, infrastructure, financial services, and the consumer sector.

Earlier in January, IHC's chief executive and managing director Syed Basar Shueb stated that India remains a central pillar of the company's global investment strategy, highlighting a broad portfolio across energy, industrial, and property sectors. Additionally, IHC Group company ePointZero previously formed a joint venture with Adani Green Energy to pursue renewable energy projects across India.