Today's Edition
ABU DHABI (ALETIHAD)
International Holding Company (IHC), through its group company International Resources Holding (IRH), and India’s Adani Enterprises Limited will form a 50:50 joint venture to develop a $11.5 billion integrated greenfield aluminium project in the Indian state of Odisha.
A memorandum of understanding to this effect was signed between Adani Enterprises Limited, International Resources Holding, an IHC Group company 2PointZero, and the Government of Odisha on Thursday, according to a joint statement issued in India.
The proposed investment, valued at approximately $11.5 billion, is expected to be Odisha’s largest foreign direct investment proposal and India’s largest foreign direct investment in the metallurgy sector, the statement said.
The project comprises a 4 million metric tonnes per annum alumina refinery, a 2 million metric tonnes per annum aluminium smelter, a 4,000-megawatt captive power plant and a 1 million metric tonnes per annum downstream manufacturing park, supported by enabling infrastructure.
The joint venture marks IHC’s first aluminium project and represents another major step in the Abu Dhabi investment group’s growing exposure to India, one of the world’s fastest-growing economies.
The statement said the new joint venture with IRH is an important milestone in IHC’s previously announced multi-billion-dollar investment strategy for India, reinforcing the group’s long-term commitment to investing across strategically important sectors that support industrial growth and economic development.
Syed Basar Shueb, CEO of IHC, said the group is building long-term platforms in industries that will define the future of the global economy.
“Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience and advance the energy transition,” Shueb said.
“This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminium project that creates lasting economic value."
The project also builds on an established partnership between Adani Group and IHC across energy, transmission and artificial intelligence.
Earlier this year, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India, supporting the country’s energy transition, the statement said.
The signing ceremony was attended by Syed Basar Shueb, CEO, Managing Director and Board Member of IHC; Ali Rashed AlRashdi, CEO of IRH; and Mohamed Hesham, CEO of ePointZero.
Karan Adani, Managing Director of Adani Ports and Special Economic Zone and Director of Adani Cement, and Sagar Adani, Executive Director of Adani Green Energy Limited, represented the Adani Group.
Karan Adani welcomed IHC’s confidence in India. “The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership,” he said. “Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India’s industrial competitiveness.”
During the construction period, the project is expected to create around 35,000 jobs, while mining, alumina refining, aluminium production and downstream manufacturing operations are expected to support another 18,500 jobs, the statement said.
The Odisha project follows other major IHC-linked investments in India. Progress has continued on the group’s strategic $1 billion investment in Sammaan Capital, one of India’s leading non-banking financial companies.
Upon completion of all stages of the transaction, IHC will become a promoter of Sammaan Capital, with the right to appoint a majority of the board and play an active role in shaping the company’s strategic direction.
