Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group have signed an agreement with the Government of Odisha to explore 14 projects with a proposed investment of Rs 2,10,500 crore ($25 billion). The projects could create around 8,68,200 jobs, of which nearly 189,700 would be direct, on-site jobs, according to the Odisha government.
The agreement was signed during Odisha Chief Minister Mohan Charan Majhi’s UAE visit, as the Indian state looks to attract more investment from the Emirates. The proposed projects span metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, industrial infrastructure, tourism, skill development and sports infrastructure.
At Paradip, the proposed Adani-IHC joint venture plans to build a petrochemical downstream and packaging park with an investment of Rs 10,000 crore.
The latest agreement follows an earlier $11.5 billion joint venture between IHC and Adani Group for an integrated aluminium project in Odisha, announced in July. International Resources Holding, an IHC group company, and Adani Enterprises Limited signed the initial pact for the integrated greenfield aluminium project, with AEL and IHC forming a joint venture with a 50% stake each. The project includes a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park. During meetings in the UAE, discussions also moved forward on potential locations for the project, with land proposed for an alumina refinery in Kalyansinghpur Tahsil in Rayagada district and an aluminium smelter in Sadar Sundargarh Tahsil in Sundargarh district.
Majhi met Syed Basar Shueb, Managing Director and CEO of IHC, as well as senior Adani executives and representatives from several IHC companies. In a separate meeting, the Chief Minister invited Borouge, a UAE-based petrochemicals company, to explore setting up a large chemicals downstream complex in Odisha, with potential feedstock linkages to Indian Oil Corporation’s planned naphtha cracker at Paradip.
Odisha also signed a Memorandum of Cooperation with the Indian Business and Professional Group (IBPG) to increase trade and explore further investment opportunities between the state and UAE businesses, including discussions on increasing UAE imports of Odisha products such as turmeric, ginger and seafood, alongside opportunities for contract manufacturing. The Chief Minister also held talks with UAE-based investment institutions on participation in Odisha’s infrastructure development through public-private partnerships, including opportunities in ports and other infrastructure.
