Odisha maps ₹2.1tn investment plan with IHC, Adani

Odisha has signed a memorandum of understanding with Abu Dhabi-based International Holding Company and the Adani Group to explore 14 projects carrying an indicative investment of ₹2.105 trillion across minerals, energy, manufacturing, healthcare, tourism and infrastructure.

The agreement was concluded during Chief Minister Mohan Charan Majhi’s investment outreach in the UAE, with the state describing the portfolio as a major expansion of its engagement with the two groups. The proposals remain at an exploratory stage and the announced value represents potential investment rather than committed expenditure. State officials said the broader portfolio was discussed with IHC business verticals and Adani companies during the opening day of the Odisha Investors’ Meet in Abu Dhabi. The state has not announced binding financial closes, construction timetables or project-wise equity structures for the 14 proposals. That distinction is significant because the ₹2.105 trillion figure is an indicative pipeline assembled under the memorandum, while each project will need separate feasibility work and approvals.

Odisha said the projects could create about 868,200 employment opportunities. The proposed portfolio spans metal downstream industries, iron ore beneficiation, slurry and pellet infrastructure, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, industrial infrastructure, tourism, skills development and sports facilities.

Among the largest projects under consideration is a hyperscale artificial intelligence data centre hub at Naraj in Cuttack district, estimated at ₹500 billion. A coal-to-chemicals complex at Bedabahal carries an indicative investment of ₹400 billion, while an iron ore beneficiation, slurry and pellet chain and a renewable energy storage and equipment manufacturing platform are each estimated at ₹250 billion.

Other proposals include a ₹200 billion shipbuilding, ship-repair and green ship-recycling cluster, a ₹150 billion integrated sports, wellness and sustainable city project, and a ₹100 billion petrochemical downstream and packaging park. Plans also include an industrial park and special economic zone at Dhamra and a rare earth corridor and critical minerals park, each involving an indicative ₹50 billion investment.

The wider project list covers container manufacturing, food and agro-processing, healthcare facilities and port-linked activity, reflecting Odisha’s effort to connect its mineral base and coastline with higher-value manufacturing and logistics. Locations, implementation schedules and final investment commitments for several of the projects have not yet been disclosed.

The new memorandum follows a separate agreement signed in July involving Adani Enterprises and International Resources Holding, an IHC Group company through 2PointZero, for an integrated greenfield aluminium project in Odisha. That venture is proposed as a 50:50 partnership with an estimated investment of $11.5 billion.

The aluminium plan envisages a four million tonnes-a-year alumina refinery, a two million tonnes-a-year aluminium smelter and a one million tonnes-a-year downstream manufacturing park. The companies have said the project would be developed in two phases, with investments of ₹660 billion and ₹440 billion respectively.

Odisha has proposed land in Rayagada district for the refinery and in Sundargarh district for the smelter. During the UAE visit, the state said discussions reviewed progress on the aluminium project alongside the broader 14-project portfolio.

Majhi also held meetings with UAE-based companies and investment institutions as Odisha sought capital for industrial and public-private partnership projects. The state signed a memorandum of cooperation with the Indian Business and Professional Group to promote trade, exports and investment, including opportunities involving food products, seafood and contract manufacturing.

Separate discussions were held with Borouge on the possibility of a large downstream chemicals complex linked to feedstock from Indian Oil Corporation’s planned naphtha cracker at Paradip. Odisha also presented infrastructure opportunities, including ports, to UAE-based investors as part of the same outreach programme.

The IHC-Adani proposals would require individual project structuring, land, regulatory clearances, financing and other approvals before construction can begin. The memorandum therefore establishes a framework for examining the projects rather than a final investment decision covering the full ₹2.105 trillion portfolio.