IHC and Adani agree $25bn investment in 14 projects in India’s Odisha
During the visit of the chief minister of India’s Odisha state to the UAE, Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group concluded a preliminary agreement with the state government on investments of approximately 2.1 trillion rupees, or $25 billion, in 14 projects.
According to The National, the planned portfolio includes downstream metals production, slurry transportation pipelines, critical minerals and rare earth elements, chemical and petrochemical products, renewable energy equipment, healthcare, industrial and sports infrastructure, tourism, and professional skills development.
Potential employment
According to a joint statement by the companies, the implementation of the 14 projects could potentially create more than 8.6 million jobs. IHC operates through more than 1,300 subsidiaries and is present in the technology sector, infrastructure, financial services, and the consumer segment.
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Separate aluminium project
In July, the parties also signed a preliminary agreement to invest $11.5 billion in an integrated aluminium project in Odisha. International Resources Holding, which is part of the IHC group through 2PointZero, and Adani Enterprises are to establish a joint venture for the project with equal 50% stakes.
The project envisages an alumina refinery with a capacity of 4 million tonnes per year, an aluminium smelter with a capacity of 2 million tonnes per year, a captive 4,000 MW power plant, and a downstream manufacturing park with a capacity of 1 million tonnes per year. It is planned to be implemented in two stages. A site in Rayagada district is being considered for the alumina refinery, while one in Sundargarh district is being considered for the aluminium smelter.
