Bhubaneswar, Jul 2: Odisha took a major step towards its 'Samruddha Odisha 2036' vision on Thursday with the signing of a Memorandum of Understanding (MoU) between the state government's industrial promotion agency, IPICOL, and the UAE-based International Holding Company (IHC) Group for a mega integrated aluminium project worth approximately Rs 1.10 lakh crore.

The proposed investment of USD 11.5 billion is expected to generate 53,500 direct and indirect employment opportunities, making it one of the largest industrial investments announced in the state's history.

The agreement was signed at Lok Seva Bhawan Convention Centre in the presence of Chief Minister Mohan Charan Majhi and senior officials from the Odisha government, IHC Group and industry.

53,500 Employment Opportunities Planned
According to the state government, the integrated project will include bauxite mining, alumina refining, aluminium smelting, captive power generation, downstream aluminium manufacturing and supporting infrastructure.

The project is expected to create around 35,000 jobs during the construction phase and another 18,500 jobs after commissioning, taking the total employment potential to more than 53,500.

CM Links Project To Odisha 2036 Vision
Addressing the gathering, Chief Minister Mohan Charan Majhi said the investment represents a significant milestone in the state's efforts to build a prosperous, modern and inclusive Odisha by 2036.

He said the partnership would combine Odisha's natural resources and skilled workforce with capital and technology from the Middle East.

"The government's priority is not merely exporting mineral resources but promoting value addition, industrialisation and employment generation for the youth of Odisha," the Chief Minister said.

He added that the project would also strengthen Odisha's position in the emerging global market for green metals and environmentally sustainable industrial development.

Majhi said the government remains committed to transforming Odisha into a leading industrial destination by the state's centenary in 2036 under the 'Samruddha Odisha 2036' vision while contributing to the national goal of 'Viksit Bharat 2047'.

He also assured the company of timely support in providing land, water, power, logistics and statutory clearances for implementation of the project.

Cooperation Beyond Aluminium Sector
The Chief Minister said Odisha and IHC Group would also explore collaboration in emerging sectors such as research and development (R&D), metallurgy, digital systems and Global Capability Centres (GCCs).

IHC Calls Odisha Long-Term Strategic Partner
Speaking on the occasion, Peter Abraham, Chief Strategic Officer of IHC Group, said the agreement marks a new chapter in India-UAE economic cooperation.

He described the project as more than a commercial investment, saying it represents a long-term partnership focused on Odisha's sustainable development.

According to Abraham, the collaboration is expected to expand into technology, infrastructure, financial services and consumer sectors in the future.

Also Read: Odisha CM Launches ‘Go East’ Drive to Boost Industrial Growth

Karan Adani Highlights Odisha's Industrial Potential
Karan Adani, Managing Director of Adani Ports and Special Economic Zone Limited (APSEZ), said Odisha's abundant mineral resources and industrial ecosystem make it one of India's most significant manufacturing destinations.

He noted that the state possesses the country's largest bauxite reserves and more than half of India's iron ore resources.

Adani said Odisha is increasingly moving beyond being a supplier of raw materials towards becoming a value-added manufacturing hub, adding that the proposed investment would benefit both the state's economy and local communities.

Senior Officials Attend Event
Odisha Industry Minister Sampad Chandra Swain, Chief Secretary Anu Garg, IHC Group Managing Director and CEO Syed Basar Shueb, International Resources Holding (IRH) CEO Ali Al-Rashdi, IHC executives Hesam and Abdullah Al-Rashdi, senior state government officials and representatives from industry attended the programme.

Additional Chief Secretary of the Industries, Home and Information & Public Relations departments Hemant Sharma delivered the welcome address, while IPICOL Managing Director Aboli Sunil Naravane proposed the vote of thanks.