Bhubaneswar: Odisha Government has signed a landmark Memorandum of Understanding (MoU) with the International Holding Company (IHC Group), a premier business conglomerate based in the United Arab Emirates (UAE), to establish a mega integrated aluminium project in the state. The agreement was executed through IPICOL, the industrial promotion agency of Odisha, at a ceremony held at the Lok Seva Bhawan Convention Centre in Bhubaneswar.
This mega project entails a massive investment of approximately 11.5 billion USD, which translates to around 1.10 lakh crore INR. The comprehensive development plan covers the entire value chain of the sector, including bauxite mining operations, alumina refining, aluminium smelting, and a captive power plant, alongside downstream aluminium manufacturing and supporting infrastructure.
Chief Minister Shri Mohan Charan Majhi emphasized that the collaboration aligns with the state’s strategic vision of Samruddha Odisha 2036, which marks the centenary of the state’s formation, as well as the national goal of Viksit Bharat 2047. He noted that the initiative merges the rich natural resources and skilled talent of Odisha with the capital and advanced technology of the Middle East, transforming the state from a raw material supplier into a high-value manufacturing hub. The Chief Minister also highlighted the focus on sustainable industrialization, positioning Odisha as a leader in the global shift toward green metals.
The high-profile event was attended by Industry Minister Shri Sampad Chandra Swain, Chief Secretary Shrimati Anu Garg, IHC Group Managing Director and CEO Syed Basar Shueb, and International Resources Holding (IRH) CEO Ali Al-Rashdi, along with other senior government officials and industry leaders. Hemant Sharma, Additional Chief Secretary of Industries, welcomed the gathering,
The venture is expected to generate substantial economic opportunities, creating more than 53,500 direct and indirect jobs. This comprises approximately 35,000 employment opportunities during the initial construction phase and 18,500 jobs once the facility becomes fully operational. Beyond the core aluminium facility, the partnership with the IHC Group is set to expand into other emerging sectors, including Research and Development (R&D), metallurgy, digital systems, and Global Capability Centers (GCC). To facilitate the timely execution of the project, the state government has assured a streamlined, time-bound delivery of essential resources such as land, water, power, logistics, and necessary statutory clearances.
Peter Abram, the Chief Strategic Officer of IHC, described the agreement as a long-term strategic partnership focused on sustainable growth, bridging the business ecosystems of India and the UAE across infrastructure, technology, and financial services.
Karan Adani, Managing Director of Adani Ports and SEZ Limited, who attended the event, praised Odisha’s robust policy framework and its industrial potential, noting that the state holds the country’s largest bauxite reserves and over 50 percent of its iron ore. He emphasized that the state’s proactive governance is successfully steering local resources toward value-added manufacturing, which will help elevate the regional economy to a global stage. Shrimati Aboli Sunil Naravane, Managing Director of IPICOL, delivered the vote of thanks.