Adani Group, IHC sign MoUs with Odisha for Rs.2.1 Trillion Projects
In a move celebrated as Odisha’s largest foreign investment initiative, the Adani group and Abu Dhabi's International Holding Company (IHC) finalized agreements with the state government to investigate 14 projects, involving an anticipated investment of Rs.2,10,500 crore (Rs.2.1 trillion), projected to generate around 189,700 direct, on-site employment opportunities.
The investment proposals — encompassing mining and metals, iron ore beneficiation, slurry, pellet chain, industrial park and SEZ, container manufacturing, coal-to-chemicals, rare-earth corridor and critical minerals park, shipbuilding and repairing cluster, food and agro-processing park, renewable energy equipment manufacturing, artificial intelligence (AI) data center, petrochemical and packaging park, healthcare, and sustainable urban development — represented a substantial growth of Odisha’s collaboration with investors in the UAE.
The biggest planned investment is the Rs.50,000 crore Naraj hyperscale AI data center hub. The second-largest plan is the Rs.40,000 crore coal-to-chemicals facility at Bedabahal.
Two initiatives, each worth Rs.25,000 crore, have also been suggested. These consist of a 60 million tonne per year (mtpa) iron-ore processing, slurry, and pellet system, along with a renewable energy storage and equipment-manufacturing base.
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A cluster for shipbuilding, repair, and eco-friendly ship recycling has been suggested with a projected investment of Rs.20,000 crore. The initiative would enhance Odisha's port-centric industrialization approach by incorporating significant maritime manufacturing and service aspects.
Another significant proposal that has received initial agreement is the Rs.15,000 crore integrated sports, wellness, and sustainable city. The project is projected to create 75,000 direct employment opportunities.
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At Paradip, the Adani-IHC joint venture (JV) aims to establish a petrochemical downstream and packaging park with a funding of Rs.10,000 crore. The initiative aims to enhance downstream industrial activities related to petrochemical and port facilities.
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The JV has suggested the Adani-UAE Industrial Park and SEZ in Dhamra with an investment of Rs.5,000 crore. A new proposal for a Rs.5,000 crore Odisha Rare Earth Corridor and Critical Minerals Park aims to enhance operations related to rare earths and critical minerals.