Bhubaneswar, July 2: Odisha Chief Minister Mohan Charan Majhi on Thursday described the signing of a landmark Memorandum of Understanding (MoU) between the Odisha government's industrial promotion agency, IPICOL, and the UAE-based International Holding Company (IHC) Group as a historic step towards achieving the state's vision of 'Prosperous Odisha 2036'.
UAE-based International Holding Company (IHC) and the Adani Group have proposed for setting up an integrated aluminium project worth ₹1.10 lakh crore in Odisha.
Addressing the gathering at Lok Seva Bhavan Convention Centre in Bhubaneswar, the Chief Minister said the proposed integrated aluminium project marks a new golden chapter in Odisha's industrial history.
Majhi reaffirmed his government's commitment to transforming Odisha into a prosperous, modern, inclusive, and industrially advanced state by 2036, coinciding with the centenary of the state's formation.
Highlighting the economic significance of the project, Majhi said the integrated aluminium venture will encompass bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream aluminium manufacturing, and supporting infrastructure development.
The Chief Minister emphasized that the project will generate more than 53,500 direct and indirect employment opportunities, including around 35,000 jobs during the construction phase and 18,500 jobs after the project becomes operational.
He reiterated that creating employment for Odisha's youth through value-added industrialisation, rather than merely exporting raw minerals, remains one of the government's primary objectives.
Majhi also underlined Odisha's commitment to environmentally responsible industrial development. Referring to the growing global demand for green manufacturing, he said the project would strengthen the state's position in the emerging 'Green Metals' sector.
The Chief Minister noted that Odisha's attractiveness among both national and international investors has been increasing steadily due to the state's investor-friendly policies, robust industrial ecosystem, and proactive governance.
He added that the government is committed to providing all necessary support, including land, water, power, logistics, and timely statutory approvals, to ensure the successful execution of the project.
Speaking on the occasion, Syed Basar Shueb, CEO of IHC, said, “Through IRH, we are building an integrated mining and minerals business, investing across critical minerals to support industrial development, strengthen supply chain resilience and advance the energy transition.”
“This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminium project that creates lasting economic value,” Shueb added.
Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said the proposed project reflects the company’s confidence in Odisha as a long-term manufacturing destination.
“The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. Along with Odisha government, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India's industrial competitiveness,” he said.
