BHUBANESWAR: UAE-based International Holding Company (IHC) is all set to sign an MoU with the state government on Thursday to establish an integrated aluminum value chain project involving an investment of `1.10 lakh crore (USD 11.5 billion).
The investment, in partnership with Adani Group, is being projected as the largest foreign direct investment in Odisha’s history and the biggest FDI proposal in India’s metallurgy sector, government sources said.
The project will cover the entire aluminium production value chain, beginning with bauxite mining and extending to a 4 million tonne per annum (MTPA) alumina refinery, a 2 MTPA aluminium smelter, a 4,000 MW captive power plant, a 1 MTPA downstream aluminium manufacturing park and supporting infrastructure. The project will also include the required raw material linkages.
Government sources said the integrated facility is expected to generate employment opportunities for around 53,500 people.
The proposed investment is said to build on Odisha’s ambition to position itself as India’s leading metals and mineral-based manufacturing hub.
IHC is among the world’s largest investment holding companies with interests across infrastructure, mining, manufacturing, energy, technology, healthcare and financial services.
The UAE’s largest listed private company is closely associated with the Abu Dhabi leadership, with its principal shareholder being the Royal Group, owned by the Abu Dhabi royal family.