Adani And Abu Dhabi Just Signed India's Largest Metal FDI
Adani Enterprises and Abu Dhabi's International Resources Holding signed a memorandum of understanding with the Government of Odisha on July 2 to build an integrated greenfield aluminium project worth about $11.5 billion, or ₹1.08 lakh crore. The 50:50 joint venture is India's largest foreign direct investment in metallurgy and Odisha's largest-ever FDI proposal. The complex spans a 4 million tonne alumina refinery in Rayagada, a 2 million tonne smelter in Sundargarh, a 4,000 MW captive power plant, and a 1 million tonne downstream manufacturing park.
What Changes On The Ground
A 2 million tonne smelter would add nearly half of India's current aluminium capacity once operational, placing the venture among the country's largest producers.
The downstream park is designed to pull in component makers across transport, construction, power, packaging, and renewable energy, with room for MSME suppliers.
Phase one carries about ₹66,000 crore and phase two roughly ₹44,000 crore, with around 53,500 jobs across construction and operations.
What Is Already Moving
IHC has invested more than $2 billion in Adani Group companies since 2022, and its ePointZero unit already runs a renewables venture with Adani Green.
Land acquisition, statutory approvals, and infrastructure planning begin next, per officials at the signing.
Government projections put Indian aluminium demand at 8.5 million tonnes by FY30, up from 5.5 million in FY25.
The Bigger Picture
Odisha holds India's largest bauxite reserves and 54% of its smelting capacity, yet India remains a net importer of aluminium despite being the world's second-largest producer. New integrated capacity is landing against a rising demand curve, not on top of surplus. For readers in the GCC, the deal marks where the region's sovereign-linked capital is heading: integrated metals inside India.
Track The Project
Full deal structure, phasing, and site details are in the announcement coverage.