Bhubaneswar, July 2 -- Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform through 2PointZero, on Thursday signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop a USD 11.5 billion integrated greenfield aluminium project in the state.

Under the agreement, Adani Enterprises and IRH will form a 50:50 joint venture to execute the project, which is expected to become Odisha's largest Foreign Direct Investment (FDI) proposal and India's largest foreign direct investment in the metallurgy sector.

The proposed project, valued at around Rs 1.08 lakh crore (USD 11.5 billion), will include a 4 million metric tonnes per annum (MMTPA) alumi...