UAE's IHC, Adani to invest $11.5b in India's Odisha aluminium

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UAE’s IHC, Adani to invest $11.5b in India’s Odisha aluminium project

July 2, 2026

DUBAI,— Abu Dhabi’s International Holding Company (IHC) plans to invest $11.5 billion in an integrated aluminium project in the eastern Indian state of Odisha through a joint venture with Adani Group, a state official said Thursday, Reuters reported.

The deal, signed under a Memorandum of Understanding (MoU), marks the largest foreign investment in India’s metals sector. IHC and Adani Group will each hold a 50% stake in the venture.

The project will include a refinery, smelter, captive power plant and downstream aluminium manufacturing park.

It will feature a 4 million metric tons per year (MTPA) alumina capacity, a 2-MTPA aluminium capacity and 1-MTPA downstream aluminium facilities, making it the largest aluminium complex in Odisha.

Odisha holds some of India’s biggest bauxite reserves and accounts for 54% of the country’s aluminium output.

The investment supports India’s push to grow domestic aluminium production and cut reliance on imported metal products, driven by rising demand from infrastructure, power, transport and renewable energy sectors.

The project is expected to generate 53,500 jobs, with 35,000 during construction and 18,500 once operations begin, the state official said at the signing ceremony.

IHC reported AED 34.7 billion net profit in 2025.

Separately, in March 2026, Emirates Global Aluminium (EGA) reported that its Al Taweelah production facility in the United Arab Emirates suffered significant damage from Iranian missile and drone attacks.

Gulf aluminium producers, who supply roughly 9% of global output, have seen exports disrupted after the U.S.-Israeli conflict with Iran effectively closed the Strait of Hormuz, blocking normal shipping routes.

EGA said its Al Taweelah smelter produced 1.6 million metric tons of cast aluminium in 2025, while its adjacent alumina refinery produced 2.4 million tons of raw material the same year.

EGA speeds up recovery of aluminium complex hit by Iranian missile strikes

EGA said Thursday it was restoring production at its Al Taweelah complex faster than expected, following damage caused by Iranian missile strikes in March 2026.

The company said two employees injured in the attack had been discharged from hospital.

EGA told that each of the smelter’s 1,262 reduction cells must be progressively restarted to resume hot metal production.

Anode removal has been completed across all cells, bath cleaning has been finished at roughly 90% of cells, and frozen metal has been cleared from more than 20% of cells, the company said.

Since the first cell was brought back online on May 26, a total of 89 cells have now been restarted, EGA added.

(With files from Reuters)