IHC and Adani sign $22 billion MoU with Odisha for 14 projects
IHC and Adani signed a $22 billion MoU with Odisha for 14 projects during the Chief Minister’s UAE visit.
Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group signed a memorandum of understanding with the Government of Odisha on September 8 for 14 projects covering trade and port development, with an investment outlay of $22 billion, according to a Zawya report. The MoUs were signed on the first day of Odisha Chief Minister Mohan Charan Majhi’s UAE visit, which ran from September 8 to 12. The agreement also revisits an earlier $11.5 billion aluminium smelter and plant deal and outlines potential sites for an alumina refinery in Rayagada district and an aluminium smelter in Sundargarh district.
What projects are covered by the $22 billion MoU?
The MoU covers 14 projects focusing on trade and port development, with an investment outlay of $22 billion (₹2,10,500 crore), according to the Zawya report. It also references an earlier agreement between IHC and Adani for an aluminium smelter and manufacturing plant valued at $11.5 billion. Additionally, the MoU explores 14 new projects with an indicative investment of $2.105 trillion and the potential to create approximately 868,200 jobs, the report said.
Where are the proposed aluminium project sites?
Discussions during the meeting identified potential sites for the integrated aluminium project, the Zawya article stated. An alumina refinery is proposed for Kalyansinghpur Tahsil in Rayagada district, while the aluminium smelter is slated for Sadar Sundargarh Tahsil in Sundargarh district. The report noted that these locations were put forward for consideration as part of the aluminium venture.
What other agreements were signed during the Chief Minister’s UAE visit?
Besides the IHC-Adani MoUs, the Chief Minister met representatives of the Indian Business and Professional Group (IBPG), including President Rajiv Shah and General Secretary Varun Wahi, leading to a Memorandum of Cooperation between the Odisha government and IBPG to promote bilateral trade and explore investment opportunities. The Zawya report added that the meeting also discussed boosting exports of Odisha’s turmeric, ginger, seafood and other products, encouraging contract manufacturing for UAE brands and facilitating skilled manpower exchanges. Separately, Odisha invited Borouge’s CEO Hazeem Sultan Al Suwaidi to consider a large‑scale petrochemicals downstream complex, noting the company’s 2025 revenue of $5.85 billion and its production of polyethylene and polypropylene. A roundtable with UAE‑based investment institutions featured Abdulha Zeini Jafri of IFC GCC, Giulio Occhuonereo of IRH Global Trending and Francesca Maria of Elliptic FZ, who discussed public‑private partnership opportunities in Odisha’s infrastructure pipeline, according to the Zawya report.
Who attended the meetings and roundtables?
The Zawya report listed the participants in the day’s events. Syed Basar Shueb, MD and CEO of IHC, Karan Adani of Adani Ports and SEZ and Sagar Adani of Adani Green Energy attended the main roundtable. IHC executives present included Ali Rashed AlRashdi of IRH, Samia Bouazza of 2PointZero, Mohamed Hesham of ePointZero, Falal Ameen of Ghitha Holding, Dr Shamsheer Vayalil of Burjeel Holdings, Dr Yasser Zaghloul of NMDC Group, Guy Neivens of Al Seer Marine, Kayed Ali Khorma of Emirates Stallions Group, Ajay Bhatia of Sirius International Holding and Andrey Lazorenko of the ADI Foundation. The IBPG meeting featured President Rajiv Shah and General Secretary Varun Wahi, the Borouge discussion involved its CEO Hazeem Sultan Al Suwaidi, and the investment‑institution roundtable included Abdulha Zeini Jafri of IFC GCC, Giulio Occhuonereo of IRH Global Trending and Francesca Maria of Elliptic FZ.
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What is the total investment outlay of the MoU between IHC, Adani and Odisha?
The MoU between IHC, Adani and the Government of Odisha covers 14 projects with an investment outlay of $22 billion (₹2,10,500 crore).
Which earlier agreement between IHC and Adani is referenced in the MoU?
The MoU references an earlier IHC‑Adani agreement to develop an aluminium smelter and a manufacturing plant with an investment outlay of $11.5 billion.
What are the proposed sites for the aluminium refinery and smelter in Odisha?
The alumina refinery is proposed for Kalyansinghpur Tahsil in Rayagada district, and the aluminium smelter is slated for Sadar Sundargarh Tahsil in Sundargarh district.
Which organizations signed a Memorandum of Cooperation with Odisha during the UAE visit?
The Government of Odisha signed a Memorandum of Cooperation with the Indian Business and Professional Group (IBPG) to promote bilateral trade and explore investment opportunities.
What products did the discussions mention for boosting Odisha’s exports to the UAE?
The discussions highlighted boosting exports of Odisha’s turmeric, ginger, seafood and other products to the UAE.
Which company was invited to explore a petrochemicals downstream complex in Odisha?
Borouge’s CEO Hazeem Sultan Al Suwaidi was invited to consider a large‑scale petrochemicals downstream complex in Odisha.
Who attended the main roundtable from IHC and Adani?
Syed Basar Shueb (MD and CEO of IHC), Karan Adani (Adani Ports and SEZ) and Sagar Adani (Adani Green Energy) attended the main roundtable.
Which UAE-based investment institutions participated in the roundtable?
Abdulha Zeini Jafri of IFC GCC, Giulio Occhuonereo of IRH Global Trending and Francesca Maria of Elliptic FZ participated in the investment‑institution roundtable.
What employment potential is indicated for the 14 new projects explored in the MoU?
The 14 new projects explored in the MoU have employment potential for approximately 868,200 people.
What is the indicative investment amount for the 14 new projects explored in the MoU?
The indicative investment for the 14 new projects explored in the MoU is $2.105 trillion.
Ansuya Minz
Senior District Correspondent, Sundargarh
Ansuya Minz has covered Sundargarh district for six years, reporting on the steel belt's industry, tribal welfare policy, and the Rourkela sports ecosystem. She is based in Rourkela.
View all articles by Ansuya →
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