India's metallurgy sector is set to receive its largest foreign direct investment through a US$11.5 billion greenfield aluminum project in Odisha. Adani Enterprises and Abu Dhabi's International Resources Holding (IRH) signed a memorandum of understanding (MoU) with the state government to form a 50:50 joint venture.

The venture will create about 53,500 jobs, including 35,000 construction roles and 18,500 operational positions. The development spans two phases, with Rs 66,000 crore allocated for Phase I and Rs 44,000 crore for Phase II.

Powered by Odisha's bauxite reserves, the complex has an alumina refinery with an annual production capacity of 4 million metric tons and an aluminum smelter with a yearly capacity of 2 million metric tons. The site also includes a 4,000-megawatt power plant and a downstream manufacturing park with a capacity of 1 million tons per year.

The partners will now begin land acquisition, infrastructure planning, and securing statutory approvals.