Adani Enterprises on Thursday signed a Memorandum of Understanding (MoU) with the Odisha government for development of a Rs 1.08 lakh crore greenfield aluminium project in partnership with Abu Dhabi-based IHC in Odisha.
ET earlier reported that Adani Group and IHC plan to jointly invest $11.5 billion over the next few years to build a mega aluminium plant that could catapult India's total capacity by nearly 50%, marking Adani's second metals venture after its copper smelter in Gujarat that began operations last year.
Also read: Adani, IHC plan to forge $11.5 billion aluminium unit
As the power and ports conglomerate aims to secure commodity supplies for its expanding infrastructure empire, the Odisha aluminium project comprises a an alumina refinery of nearly 4 million tonnes per annum, an aluminium smelter of nearly 2 million tonnes per annum, and a downstream aluminium park of nearly 1 million tonnes per annum.
The project would be supported by a power capacity of about 4,000 megawatts and a green energy component of about 400 megawatts.
The planned investment would mark the largest FDI in India's metal sector and India's largest integrated aluminium investment.
Citing Odisha's rich mineral reserves, Adani Enterprises Managing Director Karan Adani said the state provides a strong foundation for integrated manufacturing ecosystems, including metals, energy, cement, and downstream industries.
This project brings together the full aluminium value chain into one integrated ecosystem, he said.
The project is expected to generate nearly 35,000 jobs at the construction stage and 18,500 at the operational stage.
