IHC, Adani Group sign multi-billion dollar pact with Odisha govt to explore 14 new projects
The 14-project MoU broadens the scope of Odisha’s engagement with IHC and Adani beyond the aluminium venture into sectors including critical minerals, chemicals, renewable energy, healthcare, tourism and industrial infrastructure
16 September, 2026
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Abu Dhabi-based International Holding Company and India’s Adani Group have signed a memorandum of understanding with the government of Odisha to explore 14 projects across sectors including critical minerals, renewable energy, healthcare, tourism and industrial infrastructure, the eastern Indian state said.
The proposed portfolio, valued at around INR2tn, also includes downstream metals, slurry pipelines, rare earths, chemicals and petrochemical derivatives, renewable energy equipment, skills development and sports infrastructure, according to the Odisha government.
The agreement was announced during Odisha Chief Minister Mohan Charan Majhi’s investment outreach in the UAE, which included meetings with IHC companies, investors and business groups aimed at expanding industrial and trade links.
Majhi held a roundtable with IHC executives and group companies in Abu Dhabi, where discussions focused on investment prospects and industrial cooperation, the Odisha Chief Minister’s Office said.
IHC chief executive and MD Syed Basar Shueb took part in the discussions.
The latest agreement builds on a separate MoU signed in July between Adani Enterprises and International Resources Holding, an IHC Group company through 2PointZero, to develop an integrated aluminium project in Odisha through a 50:50 joint venture.
That proposed project includes a four million metric tonnes per annum alumina refinery, a two million tonnes per annum aluminium smelter, a 4,000-megawatt captive power plant and a one million tonnes per annum downstream manufacturing park, Adani said.
During the latest UAE meetings, discussions also covered potential sites and further development of the aluminium project, according to the Odisha government.
Odisha separately engaged with the Indian Business and Professional Group in Abu Dhabi on strengthening trade, investment and industrial cooperation between the state and UAE-based businesses.
The state said discussions included opportunities to increase exports from Odisha and deepen commercial links with companies in the UAE.
Majhi also met Borouge chief executive Hazeem Sultan Al Suwaidi to discuss potential investment and downstream development in Odisha’s petrochemicals sector.
Odisha invited Borouge to explore development of a downstream chemicals complex that could potentially be linked to Indian Oil Corporation’s proposed naphtha cracker at Paradip, according to the state government.
Borouge reported revenue of $5.85bn for 2025, according to its full-year results.
The Odisha government also held discussions with UAE-based investment institutions on potential participation in infrastructure projects through public-private partnerships.
The 14-project MoU broadens the scope of Odisha’s engagement with IHC and Adani beyond the aluminium venture into sectors including critical minerals, chemicals, renewable energy, healthcare, tourism and industrial infrastructure.




















