Adani Enterprises Ltd (AEL) and the UAE-based International Holding Company (IHC) Group signed a Memorandum of Understanding (MoU) on July 2, 2026, to form a 50:50 joint venture for setting up an integrated aluminium project in Odisha. The project entails a total investment of $11.5 billion (₹1.08 lakh crore), making it one of the largest private investments announced in the state's metals sector.

The integrated project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream manufacturing park, along with enabling infrastructure. It will be developed in two phases, with an investment of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.

IHC is one of the world's largest investment firms, with a market capitalisation of $233 billion and a portfolio of more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer segments. The joint venture will be executed through AEL and International Resources Holding (IRH), a subsidiary of IHC.

Following the signing of the MoU, the proposed joint venture partners, along with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning. The venture reflects growing UAE interest in India's metals and manufacturing sectors and is expected to boost industrialisation and employment in Odisha.