The Adani Group has signed a memorandum of understanding (MoU) with the Odisha government to invest ₹1.08 lakh crore ($11.5 billion) in an integrated aluminium manufacturing ecosystem, marking one of the country's largest investments in the sector.

The proposed project will establish a fully integrated aluminium value chain comprising a 4 million tonnes per annum (MTPA) alumina refinery, a 2 MTPA aluminium smelter, and a 1 MTPA downstream aluminium park in the state.

The project will also include a 4,000 MW captive power plant supported by 400 MW of renewable energy capacity, according to the company.

The investment is expected to generate about 35,000 jobs during the construction phase and support another 18,500 direct and indirect jobs once the facilities become operational.

Speaking at the MoU signing ceremony in Bhubaneswar, Karan Adani said the project would establish one of the world's largest integrated aluminium manufacturing ecosystems while supporting India's broader manufacturing ambitions.

"With a proposed investment of USD 11.5 billion, translating to nearly ₹1.08 lakh crore, this is among the most significant aluminium ecosystem investments anywhere in the world," he said.

According to Adani, the project will integrate the entire aluminium value chain—from alumina refining and aluminium smelting to downstream manufacturing—within a single industrial ecosystem.

The investment aligns with Odisha's strategy of expanding value-added manufacturing rather than remaining primarily a supplier of raw materials. The state holds India's largest bauxite reserves, more than half of the country's iron ore reserves, significant coal deposits, and substantial chromite, manganese, limestone and dolomite resources.

Adani said the project also supports the central government's vision of developing India into a developed economy by 2047 while contributing to Odisha's industrial growth ambitions.

"A Viksit Bharat will require Viksit Odisha," he said, adding that the investment would help the state create manufacturing jobs, develop downstream industries and strengthen its industrial ecosystem.

The Adani Group said the project is intended to create opportunities for local businesses, entrepreneurs and skilled workers while positioning Odisha as a major global aluminium manufacturing hub.

The MoU was signed in the presence of Odisha Chief Minister Mohan Charan Majhi, senior state government officials and representatives of Abu Dhabi-based International Holding Company (IHC), which is partnering on the project.

(With agency inputs)