Adani Enterprises to form JV with IHC Group company for Rs 1.08 lakh crore aluminium project

Adani Enterprises Ltd. | Trading | Miscellaneous | BSE: 512599 | NSE: ADANIENT

03 Jul 2026 Evaluate

Adani Enterprises and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform and an IHC Group company through 2PointZero, have signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop an integrated greenfield aluminium project in the mineral-rich state. The company and IHC, through its subsidiary IRH, will form a 50:50 joint venture (JV) for the proposed project.

The proposed investment, valued at around Rs 1.08 lakh crore ($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. 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 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It is expected to generate around 53,500 jobs across construction and operations.

The project will be developed in two phases, with investments of around Rs 66,000 crore in Phase I and Rs 44,000 crore in Phase II. The investment will deepen value-added aluminium manufacturing in Odisha while strengthening India's position in global aluminium supply chains. The downstream manufacturing park is expected to attract manufacturers producing components for transport, construction, power, packaging, renewable energy and advanced engineering, supporting the growth of micro, small and medium enterprises (MSMEs) across the state.

Adani Enterprises (AEL), the flagship company of the Adani Group, is in the business of integrated resources management, mining services and other trading activities. The company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports, roads, copper, digital space and others.

Adani Enterprises Share Price

3212.20 34.00 (1.07%)

03-Jul-2026 16:59 View Price Chart

Peers

Company Name	CMP
Redington	274.85
Amrapali Industries	27.69
Adani Enterprises	3212.20
Rashi Peripheral	757.75
PDS	368.00
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