The Government of Odisha signed agreements with Abu Dhabi based International Holding Company (IHC) and the Adani Group in the United Arab Emirates on 9 September 2026 to explore 14 projects under its latest Odisha investment outreach. The proposals carry an indicative investment of ₹2,10,500 crore and a projected employment potential of about 8.68 lakh people across metals, critical minerals, energy, health care and infrastructure. A separate Memorandum of Cooperation with the Indian Business and Professional Group will push Odisha exports and UAE linked investment.
What Is the Odisha Investment Pact?
The Odisha investment pact is the set of agreements signed on 9 September 2026 between the Government of Odisha, Abu Dhabi based International Holding Company and the Adani Group. It covers 14 projects for exploration with an indicative value of ₹2,10,500 crore and employment potential of about 8,68,200 people.
The agreements were signed in Abu Dhabi during the Odisha Investors Meet in the UAE, part of the state visit led by Odisha Chief Minister Mohan Charan Majhi from 8 to 12 September 2026. Senior representatives present included Adani Ports and Special Economic Zone Managing Director Karan Adani, IHC Managing Director and Chief Executive Officer Syed Basar Shueb and group companies such as 2PointZero. The state government has clarified that the investment figure is indicative and will depend on feasibility studies, due diligence, statutory approvals and final definitive agreements.
Fourteen Projects Worth Rs 2.1 Lakh Crore
The Government of Odisha has stated that the 14 proposals span metal downstream industries, slurry pipelines, critical minerals and rare earths, chemicals and petrochemical derivatives, renewable energy equipment, health care, industrial infrastructure, tourism, skill development and sports infrastructure. The portfolio is designed to move Odisha beyond raw material supply toward value added manufacturing and port led industrial growth.
The proposed employment break up shared by the state is 1,89,700 direct and on site jobs, about 4,02,000 indirect jobs and about 2,77,000 construction jobs, taking the total potential to about 8,68,200 opportunities. These numbers are estimates at the exploration stage and not confirmed hiring figures.
| Project | Indicative investment |
|---|---|
| Naraj hyperscale Artificial Intelligence data centre hub | ₹50,000 crore |
| Coal to chemicals complex at Bedabahal | ₹40,000 crore |
| Iron ore beneficiation, slurry and pellet chain of 60 million tonnes per annum | ₹25,000 crore |
| Renewable energy storage and equipment manufacturing platform | ₹25,000 crore |
| Shipbuilding, repair and green ship recycling cluster | ₹20,000 crore |
| Integrated sports, wellness and sustainable city | ₹15,000 crore |
| Petrochemical downstream and packaging park at Paradip | ₹10,000 crore |
| Integrated food and agro processing park for Gulf markets | ₹5,500 crore |
| Adani UAE Industrial Park and Special Economic Zone at Dhamra | ₹5,000 crore |
| Rare Earth Corridor and Critical Minerals Park | ₹5,000 crore |
| Iron ore and coal trading operations through Dhamra and Gopalpur ports | ₹5,000 crore |
| Health care facility | ₹2,000 crore |
| Container manufacturing facility at Gopalpur port | ₹1,500 crore |
| Workforce development and skilling network | ₹1,500 crore |
The Naraj data centre hub is the largest single proposal in this set. The Bedabahal coal to chemicals plant is the second largest. The Paradip packaging park is planned around existing port and petrochemical infrastructure, while the Dhamra industrial park and Gopalpur container unit build directly on ports already operated by Adani Ports and Special Economic Zone.
What Is IHC?
International Holding Company, shortened to IHC, is an Abu Dhabi based investment holding company listed on the Abu Dhabi Securities Exchange. It was founded in 1998, is headquartered in Abu Dhabi and is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, with Syed Basar Shueb as Chief Executive Officer.
IHC manages more than 1,300 subsidiaries across technology, infrastructure, financial services, health care, real estate, mining, food and other sectors. Its market value has been reported at over AED 840 billion, which makes it the most valuable listed holding company in the Middle East. The Royal Group, linked to the Abu Dhabi ruling family, is its largest shareholder. In a medical context the same three letters stand for immunohistochemistry, a laboratory test used in cancer diagnosis, but in this investment news IHC means only the Abu Dhabi company.
IHC has steadily increased its exposure to India. It invested $2 billion in three Adani Group companies in 2022, later rebalanced its holdings and raised its stake in Adani Enterprises to more than 5 percent in 2023. Its management has described India as a long term strategic market for renewable energy, batteries, aluminium, real estate and industrial platforms.
Adani Group Presence and the Aluminium Link
The Adani Group is a diversified Indian conglomerate led by founder and chairman Gautam Adani and headquartered in Ahmedabad, Gujarat. Its listed businesses span ports and logistics, power, renewable energy, airports, cement, mining and food processing. Adani Enterprises Limited is its flagship incubator company, while Adani Ports and Special Economic Zone Limited is the ports and logistics arm.
The Adani Group already has a deep footprint in Odisha. Adani Ports and Special Economic Zone fully owns Dhamra Port in Bhadrak district, a deep draft, all weather port taken over under a Build Own Operate Share and Transfer concession from the state government. It acquired a 95 percent stake in Gopalpur Port in Ganjam district in 2024 for an enterprise value of ₹3,080 crore and has since proposed expansion investment of about ₹15,000 crore. The group also holds coal blocks such as Talabira and bauxite interests in Rayagada district, and it committed ₹2.3 lakh crore over five years at the Utkarsh Odisha conclave in January 2025.
The September pact builds on the 2 July 2026 agreement between Odisha, IHC and the Adani Group for an integrated aluminium value chain project worth about ₹1.08 lakh crore (about $11.5 billion). That separate project is planned as a 50:50 joint venture between Adani Enterprises Limited and International Resources Holding, which is an IHC group company operating through 2PointZero. It envisages a 4 million tonnes per annum alumina refinery, a 2 million tonnes per annum aluminium smelter, a 4,000 megawatt captive power plant and a 1 million tonnes per annum downstream park. Land has been identified for the refinery in Kalyansinghpur tehsil of Rayagada district and for the smelter in Sadar tehsil of Sundargarh district. The state has described it as potentially the largest foreign direct investment in India’s metals sector.
Odisha IBPG Pact for Trade and Exports
Alongside the investment MoUs, the Government of Odisha signed a Memorandum of Cooperation with the Indian Business and Professional Group (IBPG) in Abu Dhabi. A Memorandum of Cooperation is similar to an MoU and records an intent to cooperate on trade promotion, market access and investment facilitation rather than a binding purchase or investment order.
The IBPG discussions were led on the business side by president Rajiv Shah and senior members of the group, with Odisha based companies such as Ruchi also participating. The talks focused on increasing exports of Odisha products including turmeric, ginger and seafood, encouraging food processing and contract manufacturing for leading UAE brands, and creating channels for skilled workers from Odisha. In Dubai, the state also signed a related cooperation pact with the Indian Business and Professional Council to connect UAE based Indian businesses with opportunities in green energy, minerals, aluminium downstream, recycling and logistics. Together these pacts try to use the UAE not only as a source of capital but as a market and logistics gateway for Odisha producers reaching the Gulf and wider Middle East and North Africa region.
India UAE Trade Framework Behind the Deals
The Odisha outreach sits inside a much larger India UAE economic framework. The Comprehensive Economic Partnership Agreement, usually called CEPA, is a full trade agreement signed on 18 February 2022 by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. It came into force on 1 May 2022 after negotiations completed in only 88 days. India agreed to cut or remove duties on about 10,751 products, while the UAE agreed to remove duties on about 7,581 Indian products, covering about 97 percent of its tariff lines.
After CEPA, total bilateral trade crossed $100 billion for the first time in 2024-25, rising from about $72.88 billion in 2021-22. This is growth of more than 37 percent in three years. Non oil trade reached $69.53 billion, or nearly 70 percent of total trade, and the two sides have set a target of $200 billion in bilateral trade by 2032. In 2024-25 the UAE was India’s fifth largest source of foreign direct investment with $4.34 billion, and India’s fourth largest destination for overseas direct investment with $2.51 billion.
A second legal anchor is the India UAE Bilateral Investment Treaty, usually called a BIT. A BIT is a formal treaty between two countries that sets protection standards, dispute rules and fair treatment guarantees for investors from each side. India and the UAE signed their new treaty on 13 February 2024, and it took effect on 31 August 2024. It replaced the earlier 2013 investment promotion agreement and gives clearer cover to long term Gulf capital flowing into Indian industry and infrastructure.
Why Odisha Is Courting Gulf Capital
Odisha holds about 53 percent of India’s bauxite, 35 percent of its iron ore, 25 percent of its coal, about 96 percent of its chromite and about 92 percent of its nickel reserves. It is already the largest Indian producer of aluminium, steel and stainless steel, and it contributes about 34 percent of India’s total mineral output by value. Its 480 kilometre coastline hosts Paradip Port, a major port under the central government, along with Dhamra and Gopalpur ports operated by the Adani Group.
The state promotes investment through the Industrial Policy Resolution 2022 and the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), which acts as the single window for large projects. After the BJP government took charge in 2024, the earlier Make in Odisha conclave was rebranded as the Utkarsh Odisha conclave. The January 2025 edition drew delegates from more than 16 countries and secured 145 MoUs worth ₹12.89 lakh crore plus 448 investment intentions worth ₹3.84 lakh crore, taking total proposals to ₹16.73 lakh crore with employment potential of 12.88 lakh.
The new UAE portfolio extends that diversification push beyond mining into data centres, renewable equipment, shipbuilding, petrochemicals, rare earths, health care and skills. The stated logic is simple. Odisha wants to process more of its minerals inside the state, create jobs beyond extraction, and link its ports, industrial parks and export policy directly to Gulf demand under CEPA.
Key Takeaways
- The Odisha IHC Adani pact signed on 9 September 2026 covers 14 projects with an indicative investment of ₹2,10,500 crore.
- The proposals carry employment potential of about 8,68,200 people, including 1,89,700 direct and on site jobs.
- The largest proposal is the ₹50,000 crore Naraj AI data centre hub, followed by the ₹40,000 crore Bedabahal coal to chemicals complex.
- The pact builds on the 2 July 2026 aluminium project worth ₹1.08 lakh crore planned as a 50:50 venture between Adani Enterprises and International Resources Holding.
- The IBPG cooperation pact aims to boost Odisha exports of turmeric, ginger and seafood and contract manufacturing for UAE brands.
- The deals rest on the India UAE CEPA of 18 February 2022 and the Bilateral Investment Treaty effective from 31 August 2024.
