Bhubaneswar: Odisha has taken a major step towards achieving its ambitious ‘Samruddha Odisha 2036’ vision with the signing of a Memorandum of Understanding (MoU) for a mega integrated aluminium project worth Rs 1.10 lakh crore with the UAE-based International Holding Company (IHC Group), Chief Minister Mohan Charan Majhi said on Thursday.
The agreement, involving an investment of approximately $11.5 billion, was signed between Odisha’s industrial promotion agency, IPICOL, and IHC Group at the Lok Seva Bhawan Convention Centre in Bhubaneswar. The event was attended by Chief Minister Mohan Charan Majhi, Adani Ports and Special Economic Zone Managing Director Karan Adani, and senior government officials.
Describing the MoU as a landmark achievement in Odisha’s industrial development journey, Majhi said the project would play a crucial role in transforming the state into a prosperous, modern, inclusive, and industrially advanced economy by 2036.
“Our vision of building a developed and prosperous Odisha is moving forward steadily. This partnership combines Odisha’s rich mineral resources and skilled workforce with global investment and advanced technology, creating a strong foundation for long-term economic growth,” the Chief Minister said.
The proposed integrated aluminium project will cover the entire value chain, including bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream manufacturing, and supporting infrastructure.
According to the state government, the project is expected to generate around 35,000 jobs during the construction phase and approximately 18,500 jobs after becoming operational, creating more than 53,500 direct and indirect employment opportunities.
Majhi emphasized that the government’s focus remains on maximizing value addition within the state rather than exporting raw minerals. He said industrialization and value-added manufacturing are essential for creating employment opportunities for Odisha’s youth and strengthening the state’s economy.
Highlighting the growing global demand for sustainable industries, the Chief Minister noted that the project would significantly strengthen Odisha’s position in the emerging green metals sector.
“The future belongs to environmentally sustainable industrialization. Odisha is preparing to become a leader in green metals, and this project will be a major contributor to that goal,” he said.
The Chief Minister reiterated the government’s commitment to realizing both ‘Samruddha Odisha 2036’ and ‘Viksit Bharat 2047’, with a vision to establish Odisha as one of India’s leading industrial hubs by the time the state celebrates its centenary year.
Apart from the aluminium project, Odisha and IHC Group are also expected to explore collaboration in research and development, metallurgy, digital technologies, and Global Capability Centres (GCCs), further expanding the scope of economic cooperation between the state and international investors.
