Abu Dhabi-based International Holding Company (IHC) and the Adani Group are broadening their investment footprint in Odisha, joining hands with the state government on a proposed portfolio of 14 projects with a combined investment potential of about $22 billion (₹2.10 lakh crore).
The proposed ventures cover a wide industrial and infrastructure landscape, including downstream metals, critical minerals and rare earths, slurry pipelines, chemicals and petrochemicals, renewable energy equipment, healthcare, tourism, industrial infrastructure, skill development and sports facilities. Together, the projects could generate employment opportunities for nearly 868,200 people.
The new framework builds on an earlier agreement between IHC and the Adani Group for an integrated aluminium project and a manufacturing facility, representing an investment of around $11.5 billion.
The agreements were announced during Odisha Chief Minister Mohan Charan Majhi’s visit to the UAE from September 8 to 12, as the state seeks to attract international capital and deepen commercial ties with Gulf-based businesses.
Aluminium project moves closer to execution
IHC and Adani executives held discussions on potential locations for the integrated aluminium venture, providing a clearer picture of how the project could take shape in Odisha.
Land has been proposed for an alumina refinery in Kalyansinghpur tehsil of Rayagada district, while Sundargarh district has been identified as the potential location for the aluminium smelter.
The latest discussions signal a shift from broad investment plans towards identifying sites and developing individual projects. The Adani Group is the joint venture partner in the aluminium initiative.
The wider partnership could also bring several IHC businesses into Odisha, combining the state’s industrial base and natural resources with overseas capital, technology and access to international markets.
Odisha seeks stronger UAE trade links
Majhi also held discussions with representatives of the Indian Business and Professional Group (IBPG) in the UAE, with the focus extending beyond large industrial investments to trade and market access.
Odisha and IBPG signed a Memorandum of Cooperation aimed at promoting bilateral trade and encouraging investment in the state.
The discussions covered potential growth in exports of Odisha-made products, including turmeric, ginger and seafood. There was also interest in contract manufacturing for UAE brands and creating opportunities for skilled professionals.
Odisha-based entrepreneurs taking part in the discussions highlighted the need for stronger market connections and greater access to the UAE business ecosystem.
Borouge approached for petrochemical expansion
The state is also looking to deepen its petrochemical ambitions by inviting Borouge to examine the possibility of establishing a large downstream chemicals complex in Odisha.
The proposal could potentially tap feedstock from Indian Oil Corporation’s planned naphtha cracker at Paradip, creating an integrated link between feedstock availability and downstream manufacturing.
Borouge is a major producer of polyethylene and polypropylene, materials widely used across sectors ranging from infrastructure and healthcare to agriculture, mobility and advanced packaging.
UAE investors briefed on Odisha projects
Majhi separately met UAE-based investment institutions to present infrastructure projects that could be developed through public-private partnerships.
The discussions centred on opportunities for institutional investors to participate in Odisha’s infrastructure pipeline, including project assessment and potential long-term investment structures.
The state is positioning the UAE engagement as part of a broader effort to bring international investment into sectors ranging from manufacturing and infrastructure to emerging industries and services.
With the IHC-Adani framework alone covering 14 proposed projects, Odisha’s latest UAE outreach could mark the beginning of a much broader investment relationship between the state and Gulf-based capital.
