In what is being hailed as Odisha’s biggest ever overseas investment push, the Adani group and Abu Dhabi-based International Holding Company (IHC) on Wednesday signed agreements with the state government to explore 14 projects with an estimated investment of ₹2,10,500 crore (₹2.1 trillion), which are expected to create nearly 189,700 direct, on-site jobs.

The investment proposals — spread across 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 centre, petrochemical and packaging park, healthcare, and sustainable urban development — marked a significant expansion of Odisha’s engagement with investors in the UAE.

Official sources said the largest proposed investment is the ₹50,000 crore Naraj hyperscale AI data centre hub. The second-largest proposal is the ₹40,000 crore coal-to-chemicals complex at Bedabahal. Two projects each involving ₹25,000 crore have also been proposed. These are: a 60 million tonne per annum (mtpa) iron-ore beneficiation, slurry and pellet chain, and a renewable energy storage and equipment-manufacturing platform.

A shipbuilding, repair and green ship recycling cluster has been proposed with an estimated investment of ₹20,000 crore. The project would add a major maritime manufacturing and services dimension to Odisha's port-led industrialisation strategy. Another major proposal for which initial agreement has been signed is the ₹15,000 crore integrated sport, wellness, and sustainable city. The project is estimated to generate 75,000 direct jobs.

At Paradip, the proposed Adani-IHC joint venture (JV) plans to build a petrochemical downstream and packaging park with an investment of ₹10,000 crore. The project is expected to strengthen downstream industrialisation around the petrochemical and port infrastructure.

The JV has also proposed Adani-UAE Industrial Park and SEZ at Dhamra involving an investment of ₹5,000 crore. Another ₹5,000 crore Odisha Rare Earth Corridor and Critical Minerals Park has been proposed to develop activities around critical minerals and rare earths.

Similarly, the JV has collaborated with Odisha for a UAE-focused integrated food and agro-processing park, with an investment of ₹5,500 crore, to provide a platform for Odisha's agricultural and processed-food products to access Gulf markets.

The investment portfolio also includes ₹5,000 crore iron ore and coal trading operations through Dhamra and Gopalpur ports, a ₹2,000 crore healthcare facility, a ₹1,500 crore container manufacturing facility at Gopalpur port, and a ₹1,500 crore IHC-Adani workforce development and skilling network in the state.

Karan Adani, managing director of Adani Ports and Special Economic Zone (APSEZ) and director of Adani Cement, said: “The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between the Adani group and the IHC group will further strengthen our robust partnership. Together with the Odisha government, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing, and strengthens India's industrial competitiveness.”

Chief Minister Mohan Charan Majhi, who is leading the three-day UAE investor outreach, said Odisha offered a combination of natural resources, industrial capabilities, strategic location, and a growing infrastructure ecosystem. “We invited IHC and its group companies to explore long-term investment opportunities in Odisha, particularly in critical minerals, metallurgy, port-led development, and emerging industrial sectors,” he said.

The proposed projects are estimated to generate 189,700 direct/on-site jobs, 402,000 broader indirect jobs, and 277,000 construction jobs. “The estimated investments, however, are indicative and would be subject to feasibility studies, due diligence, statutory approvals, and execution of definitive agreements,” said an official.

Attendees at the deal signing event included Syed Basar Shueb, MD & CEO of the IHC group, Peter Abraam, chief strategic and growth officer of IHC, and Samia Bouazza, CEO of the 2PointZero group.

As part of the UAE outreach, Majhi also participated in a roundtable with the Indian Business and Professional Group (IBPG), focusing on strengthening trade, exports and business linkages between Odisha and the UAE.

The interaction explored opportunities to increase exports of turmeric, ginger, seafood, and processed food products, besides contract manufacturing for leading UAE brands. A Memorandum of Cooperation (MoC) was also signed between the Odisha government and IBPG to promote bilateral trade and explore investment opportunities in the state.