Adani Enterprises shares in focus on inking MoU to develop ₹1.08 lakh crore greenfield aluminium project in Odisha

According to a regulatory filing dated July 2, Adani Enterprises and IHC, through its subsidiary IRH, will form a 50:50 joint venture company for developing an $11.5 billion integrated greenfield aluminium project in Odisha.

The proposed investment, valued at approximately ₹1.08 lakh crore (or $11.5 billion), is expected to be Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector, it said.

The 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 one MMTPA downstream manufacturing park, supported by enabling infrastructure.

The project will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.

“Once operational, the project is expected to strengthen India's aluminium manufacturing base while reinforcing Odisha's position as one of Asia's leading destinations for large-scale industrial investment,” the filing read.

Following the signing of the MoU, the joint venture partners, Adani Enterprises and IRH, together with the Government of Odisha, will advance the next phase of the project, including land acquisition, statutory approvals and infrastructure planning.

During the construction period, the project is expected to create around 35,000 jobs, while the project's mining, alumina refining, aluminium production and downstream manufacturing operations are expected to support another 18,500 jobs, the company said.

The MoU was signed in the presence of Mohan Charan Majhi, the Chief Minister of Odisha, Sampad Chandra Swain, Minister for Industries and Skill Development & Technical Education and senior officials of the Government of Odisha.

Commenting on the development, Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said: “The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. 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.”

Shares of Adani Enterprises closed 1.08% higher at ₹3,177.50 per unit on the National Stock Exchange (NSE) on Thursday. However, the development was announced after the market closed.

Adani Enterprises has a total market capitalisation of ₹4.12 lakh crore as of July 2, 2026, according to data on the NSE.