Adani Enterprises inks MoU for $11.5 bn Odisha aluminium behemoth
50:50 JV with Abu Dhabi's IRH targets 4 MT alumina refinery, 2 MT smelter, 4 GW captive power. Non-binding, but the scale is staggering.
— 4 earlier stories on Adani Enterprises Ltd. →What's new
- Adani Enterprises and IRH signed a non-binding MoU with Odisha government for an integrated aluminium project worth $11.5 billion.
- The 50:50 JV includes a 4 MMTPA alumina refinery, 2 MMTPA smelter, 4 GW captive power plant, and downstream park.
- Project expected to create 53,500 jobs, with first phase investment of ₹66,000 crore.
Why this matters
This is a mega-project that would position Odisha as a global aluminium hub. But the MoU is preliminary; the real test is land acquisition, approvals, and finalising the JV. Execution risk is high given the scale, but the ambition signals a major strategic pivot for Adani beyond coal and ports.
What we're watching
- Definitive agreement signing and timeline for first phase.
- Land acquisition progress and statutory approvals.
- How Adani funds its share given debt/equity of 1.07 and recent ₹1.5 lakh crore capex.
The full read
Adani Enterprises just locked in its biggest single-project ambition yet. With Abu Dhabi's IRH, it has signed a non-binding MoU with the Odisha government to build an integrated greenfield aluminium complex costing $11.5 billion (₹1.08 lakh crore). That's roughly 27% of Adani Enterprises' entire market cap. The 50:50 JV plans a 4 MMTPA alumina refinery, 2 MMTPA smelter, 4,000 MW captive power plant, and downstream park — all in two phases: ₹66,000 crore first, ₹44,000 crore later. The state expects 53,500 jobs. Make no mistake: this is preliminary. The MoU is non-binding. Execution risk is enormous given the capital intensity and Adani's already stretched balance sheet (debt/equity 1.07, trailing net loss). But the direction is clear: Adani is betting big on aluminium, and Odisha is the venue. The next milestone is the definitive agreement.
Questions answered
- What is the scope of the proposed aluminium project?
- The project includes a 4 MMTPA alumina refinery, a 2 MMTPA smelter, a 4,000 MW captive power plant, and a downstream manufacturing park, to be built in two phases.
- How will Adani Enterprises fund its share of the investment?
- The MoU is non-binding and doesn't specify funding. Adani Enterprises has a debt/equity of 1.07 and a trailing PAT loss of ₹125 crore in Q4 FY26, though it has a large market cap of ₹3.95 lakh crore.
- Why Odisha for this project?
- Odisha has rich bauxite reserves and existing port infrastructure. The state government is actively promoting the project, which is expected to create 53,500 jobs and position Odisha as a global aluminium hub.
- What stage is the joint venture at?
- The JV has signed a non-binding MoU. Next steps include land acquisition, statutory approvals, and infrastructure planning before definitive agreements are signed.
- Who is International Resources Holding (IRH)?
- IRH is a subsidiary of the Abu Dhabi-based IHC Group, which has investments in resources and logistics. This is part of growing UAE-India economic ties.
- How does this fit Adani's broader strategy?
- Adani Enterprises is diversifying from its core coal and port businesses into metals and green energy. This project adds to recent moves like the AI hardware JV and data centre push, aligning with its record ₹1.5 lakh crore capex plan.
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All notes on ADANIENT →- 2 Jul 2026 · 5:22 PM IST Adani Enterprises inks MoU for $11.5 bn Odisha aluminium behemoth
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