Abu Dhabi-based International Holding Company (IHC) and India’s Adani Group have signed a memorandum of understanding (MoU) with the Government of Odisha for 14 projects covering trade and the development of a port, with an investment outlay of $22 billion (IN₹2,10,500 crore).
Earlier, IHC and Adani Group signed an agreement to develop an aluminium smelter and a manufacturing plant with an investment outlay of $11.5 billion.
A major outcome was the signing of an MoU between the Government of Odisha, IHC and the Adani Group to explore 14 new projects with an indicative investment of $2.105 trillion and employment potential for approximately 8,68,200 people.
The proposed portfolio spans metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, healthcare, industrial infrastructure, tourism, skill development and sports infrastructure.
The MoUs were signed during the first day of Odisha Chief Minister Mohan Charan Majhi’s UAE visit. The engagements brought together leading businesses and investment institutions to expand the state’s international investment partnerships during the visit from September 8 to 12.
IHC and Adani partnership expands to 14 new projects
The day began with a key roundtable with the business verticals and group companies of IHC. Following up on the landmark MoU signed on July 2, 2026, the meeting was attended by Syed Basar Shueb, Managing Director, CEO and Board Member of IHC; Karan Adani, Managing Director of Adani Ports and Special Economic Zone; and Sagar Adani, Executive Director of Adani Green Energy.
The Adani Group is the joint venture partner for the aluminium project. The roundtable also brought together senior representatives from IHC’s business verticals and group companies, including Ali Rashed AlRashdi, CEO, International Resources Holding (IRH); Samia Bouazza, CEO, 2PointZero Group; Mohamed Hesham, CEO, ePointZero; Falal Ameen, Group CEO, Ghitha Holding; Dr Shamsheer Vayalil, Chairman & Founder, Burjeel Holdings; Dr Yasser Zaghloul, Group CEO, NMDC Group; Guy Neivens, CEO, Al Seer Marine; Kayed Ali Khorma, CEO, Emirates Stallions Group; Ajay Bhatia, CEO, Sirius International Holding; Andrey Lazorenko, ADI Foundation.
Discussions advanced the consideration of potential sites for the integrated aluminium project, with land proposed for the alumina refinery in Kalyansinghpur Tahsil of Rayagada district and for the aluminium smelter in Sadar Sundargarh Tahsil of Sundargarh district. The engagement provided further momentum to translating the partnership into projects on the ground.
The expanded partnership positions Odisha as a potential base for a wider range of IHC businesses, building on the aluminium project. It opens opportunities to combine the State’s industrial strengths with international capital, technology and market access.
New cooperation framework to strengthen Odisha UAE trade
The Chief Minister met representatives of the Indian Business and Professional Group (IBPG), including Rajiv Shah, President, IBPG; Varun Wahi, General Secretary, IBPG; and other senior members of the group. Discussions focused on generating investment interest and strengthening commercial links between Odisha and UAE-based businesses.
A Memorandum of Cooperation was signed between the Government of Odisha and IBPG to promote bilateral trade and explore investment opportunities in Odisha. The engagement also explored opportunities for increasing exports of Odisha’s products, including spices such as turmeric and ginger, seafood and other products, while encouraging contract manufacturing for leading UAE brands and facilitating opportunities for highly skilled manpower.
Entrepreneurs from Odisha also participated and shared their perspectives on expanding business partnerships, strengthening market linkages and enhancing access to the UAE market. The interaction provided a platform to deepen Odisha-UAE commercial cooperation and create new avenues for trade, investment and business partnerships.
Borouge invited to develop petrochemicals downstream complex
The Chief Minister met Hazeem Sultan Al Suwaidi, CEO, Borouge (Petrochem Sector), and invited the company to explore a large scale chemicals downstream complex in Odisha, with potential feedstock linkages to Indian Oil Corporation Limited’s proposed naphtha cracker at Paradip.
Borouge produces polyethylene and polypropylene for applications including infrastructure, energy, mobility, healthcare, agriculture and advanced packaging. Borouge Plc reported revenue of US$5.85 billion for calendar year 2025. The proposed engagement seeks to bring global polymer expertise to Odisha and support greater value addition within the State’s petrochemical ecosystem.
Investment funds and port cooperation
At a separate roundtable with UAE-based investment institutions, Majhi presented a range of government projects available for development through public-private partnerships. The discussions focused on opportunities for institutional participation in Odisha’s infrastructure pipeline, project evaluation and potential avenues for long-term investment partnerships.
The roundtable brought together senior representatives from leading UAE-based investment and business institutions, including Abdulha Zeini Jafri, Divisional Director IFC, GCC; Giulio Occhuonereo, Head of Quantitative Research Development IRH Global Trending, and Francesca Maria MD of Elliptic FZ. - TradeArabia News Service
