Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
International Holding Company (IHC) is exploring the possibility of investing in 14 projects in the Indian state of Odisha, in collaboration with Adani Group, a leading Indian business house.
A memorandum of understanding (MoU) to this effect was signed between IHC, Adani Group and the Odisha government during the visit of Odisha Chief Minister Mohan Charan Majhi to the UAE. The chief minister heads the state government in India.
IHC and Adani Group have expressed interest in exploring 14 projects with a currently estimated aggregate investment of about ₹2.105 trillion (Dh80.9 billion), according to a statement issued during the visit.
The proposed projects cover areas including metallurgy, rare earths and critical minerals, coal-to-chemicals, port-based special economic zones, and industrial infrastructure.
The projects are estimated to generate about 190,000 direct or on-site jobs, 400,000 indirect jobs and 280,000 construction jobs, taking the potential employment impact to approximately 870,000 jobs.
However, the statement said the investment and employment estimates were indicative and remained subject to feasibility studies, due diligence, regulatory and other approvals, and the execution of definitive agreements.
The investment discussions took place during a high-level meeting between Majhi and senior representatives of Abu Dhabi-based IHC as part of Odisha's investor outreach in the UAE.
The meeting was attended by Karan Adani and Sagar Adani; Syed Basar Shueb, Managing Director and CEO of IHC Group; Peter Abraam, Chief Strategic and Growth Officer of IHC; and Samia Bouazza, CEO of 2PointZero Group.
Representatives from Al Seer Marine, Ghitha Holding, ePointZero, Sirius Holding, and Burjeel Holdings also participated in the discussions.
Majhi invited IHC and its group companies to consider long-term investments in the state, highlighting opportunities in natural resources and industrial development.
“Odisha offers a unique combination of natural resources, industrial capabilities, strategic location and a growing infrastructure ecosystem,” Majhi said.
“We invite IHC and its group companies to explore long-term investment opportunities in Odisha, particularly in critical minerals, metallurgy, port-led development, and emerging industrial sectors,” he added.
The chief minister also highlighted what the statement described as Odisha's investor-friendly ecosystem and assured continued government support to facilitate strategic investments and partnerships.
Earlier this year, IHC, through its group company International Resources Holding (IRH), signed an MoU with Adani Enterprises Limited to form a 50:50 joint venture to develop an $11.5 billion integrated greenfield aluminium project in Odisha.
The project marked IHC’s first investment in the aluminium sector and represented a significant step in the Abu Dhabi investment group’s expanding exposure to India, one of the world’s fastest-growing major economies.
Speaking to Aletihad, Hemant Sharma, Additional Chief Secretary in the Odisha government, said the state offers eligible investors policy-based incentives under its Industrial Policy Resolution 2022, including capital investment support, land and stamp-duty benefits, SGST reimbursement, electricity-duty and power support, employment incentives and renewable-energy assistance.
The government also provides coordinated approvals and investor facilitation through the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Sharma said.
Elaborating on Odisha’s outreach to UAE investors, Sharma said: “It is part of Odisha’s strategy to attract global capital, technology and partnerships while moving from resource-based industries towards value-added manufacturing, green energy, logistics and emerging sectors.”
He said the strategy supports the state’s ambition to build a globally connected and diversified economy and achieve its $500-billion economy vision by 2036.
“While minerals and metallurgy have been the core strengths of Odisha, the state’s industrial infrastructure is rapidly developing,” Sharma added.
