Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, through 2PointZero, announced plans to form a 50:50 joint venture (JV) to develop an integrated greenfield aluminium project in Odisha with an investment of $11.5 billion (about Rs 1.08 lakh crore). The JV signed a Memorandum of Understanding (MoU) with the Government of Odisha on Thursday to develop the project. The project will comprise a 4 million metric tonne per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park. It will be developed in two phases over five years, with investments of Rs 66,000 crore in the first phase and Rs 44,000 crore in the second.