Adani Enterprises and International Resources Holding (IRH), an IHC Group company, have formed a 50:50 joint venture to develop an integrated greenfield aluminium project in Odisha. The proposed investment, valued at approximately ₹1.08 lakh crore (USD 11.5 billion), is expected to be Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector. The project aims to position Odisha as a global aluminium supply chain hub by integrating the complete value chain — from mining to downstream manufacturing.

The joint venture agreement was formalized through a Memorandum of Understanding (MoU) signed with the Government of Odisha on July 2, 2026. The project will be developed in two phases, with investments of approximately ₹66,000 crore in Phase I and ₹44,000 crore in Phase II.

Project Details and Investment

The greenfield project encompasses a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant, and a 1 MMTPA downstream manufacturing park. The downstream manufacturing park is anticipated to attract manufacturers producing components for transport, construction, power, packaging, renewable energy, and advanced engineering.

Employment and Economic Impact

The project is designed to generate significant employment opportunities, with an expected 53,500 jobs created across construction and operations. During the construction period, approximately 35,000 jobs are expected to be created, while operations spanning mining, refining, smelting, and downstream manufacturing are projected to support an additional 18,500 jobs.

Strategic Partnership

This partnership builds on established strategic ties between the Adani Group and IHC across energy, transmission, and artificial intelligence. Earlier in 2026, IHC Group company ePointZero entered into a joint venture with Adani Green Energy to develop renewable energy projects across India. The new joint venture with IRH represents a milestone in IHC's multi-billion-dollar investment strategy for India, reinforcing its commitment to sectors supporting industrial growth and economic development.

The MoU was signed in the presence of Shri Mohan Charan Majhi, Hon'ble Chief Minister of Odisha, and Shri Sampad Chandra Swain, Hon'ble Minister for Industries and Skill Development & Technical Education. Senior officials from the Government of Odisha, along with representatives from Adani Group and IHC, attended the ceremony. Following the signing, the joint venture partners will advance the next phase of the project, including land acquisition, statutory approvals, and infrastructure planning.

Adani Enterprises Limited concluded its 34th Annual General Meeting (AGM) on June 24, 2026, with all 12 resolutions receiving the requisite majority. The meeting, conducted via video conferencing, saw the adoption of financial statements for FY26, declaration of dividend, and approval for capital raising and related party transactions. The voting results were submitted to BSE Limited and the National Stock Exchange of India Limited in accordance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Participation and Voting

The remote e-voting facility was available from June 20, 2026, to June 23, 2026. Shareholders holding shares as of the cut-off date of June 17, 2026, were eligible to vote. The votes were unblocked on June 24, 2026, at around 11:45 a.m. in the presence of two witnesses, Ms. Neha Soni and Ms. Nidhi Patel. Central Depository Services (India) Limited (CDSL) acted as the e-voting agency, while Chirag Shah & Associates served as the scrutinizer.

Resolution Outcomes

All resolutions were passed with strong shareholder support. The special resolution for raising capital through equity shares and/or other eligible securities received 100.00% approval. The dividend declaration for FY 2025-26 was approved with 99.95% votes in favour. The re-appointment of Dr. Vinay Prakash as Director was passed with 99.68% votes in favour.

Related Party Transactions

Resolutions 7 through 12 concerned material related party transactions for FY 2026-27. The promoter and promoter group, classified as interested parties, did not vote on these resolutions. These transactions involved entities such as Adani Infra (India) Limited, AdaniConnex Private Limited, and Parsa Kente Collieries Limited, among others.