Abu Dhabi’s IHC, Adani sign MoU for 14 projects worth INR2.1 trillion in India’s Odisha
Proposed projects could create around 868,200 jobs across industries
Dubai: Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group have signed an agreement with the Government of Odisha to explore 14 projects with a proposed investment of INR2,10,500 crore (INR2.105 trillion).
The projects could create around 868,200 jobs and cover a wide range of sectors, according to the Odisha Government.
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The agreement was signed during Odisha Chief Minister Mohan Charan Majhi’s UAE visit, as the Indian state looks to attract more investment from the Emirates.
The proposed projects cover metal downstream industries, critical minerals and rare earths, chemicals and petrochemicals, renewable energy equipment, healthcare, industrial infrastructure, tourism, skills development and sports infrastructure.
Builds on $11.5 billion project
The latest agreement follows an earlier $11.5 billion joint venture between IHC and Adani Group for an integrated aluminium project in Odisha, announced in July.
During meetings in the UAE, discussions also moved forward on potential locations for the project.
Land has been proposed for an alumina refinery in Kalyansinghpur Tahsil in Rayagada district and an aluminium smelter in Sadar Sundargarh Tahsil in Sundargarh district.
Majhi met Syed Basar Shueb, Managing Director and CEO of IHC, as well as senior Adani executives and representatives from several IHC companies.
More UAE investment sought
Odisha also signed a Memorandum of Cooperation with the Indian Business and Professional Group (IBPG) to increase trade and explore further investment opportunities between the state and UAE businesses.
Discussions included increasing UAE imports of products from Odisha, such as turmeric, ginger and seafood, as well as opportunities for contract manufacturing and skilled workers.
The Chief Minister also met Hazeem Sultan Al Suwaidi, CEO of Borouge, and invited the Abu Dhabi-based petrochemicals company to explore developing a large-scale chemicals downstream complex in Odisha.
Separate discussions with UAE-based investment institutions focused on infrastructure projects that could be developed through public-private partnerships.
The agreements form part of Odisha’s wider efforts to attract UAE capital and develop partnerships across manufacturing, infrastructure, trade and other industries.
