en.Wedoany.com Reported - Abu Dhabi's International Holding Company (IHC) plans to invest $11.5 billion in a comprehensive aluminum project in Odisha, eastern India, through its joint venture with India's Adani Group, a state government official said, calling it the largest foreign investment in India's metals industry.

This investment comes as India seeks to expand domestic aluminum production to meet growing demand from the infrastructure, power, transportation, and renewable energy sectors, while reducing reliance on imports of value-added metal products. Last year, the federal government outlined measures to boost aluminum output, stating that domestic aluminum demand is expected to reach 8.5 million metric tons by fiscal year 2030.

Under the memorandum of understanding, IHC and the Adani Group will each hold a 50% stake in the joint venture. The venture will include a refinery, a smelter, a captive power plant, and a downstream aluminum manufacturing park, making it the largest integrated aluminum production base in Odisha. The project will have the capacity to produce 4 million tons of alumina, 2 million tons of aluminum, and 1 million tons of downstream aluminum facilities annually.

Odisha holds some of India's largest bauxite reserves and accounts for 54% of the country's aluminum production. The official said at the MoU signing ceremony that the project is expected to create 53,500 jobs, including 35,000 during construction and an additional 18,500 after commissioning.

The Adani Group, led by billionaire Gautam Adani, currently does not operate aluminum manufacturing facilities but has announced plans to build alumina refining and aluminum projects in Odisha. Its flagship company, Adani Enterprises, operates a $1.2 billion copper smelter in Gujarat, western India, which is the world's largest single-site facility of its kind.