Adani, IHC plan to forge $11.5 billion aluminium unit

Adani Group and Abu Dhabi-based IHC plan to jointly invest around 11.5 billion dollars to build an integrated aluminium smelter and refining unit in Odisha with annual capacity exceeding 2 million tonnes, along with a captive power plant and logistics through Dhamra port. This would be the largest-ever foreign investment in India's metals and minerals space, strengthening business ties first formed through a 2 billion dollar investment in 2022. The project comes as India targets raising aluminium consumption to 28 million tonnes by FY47, with competitors Hindalco Industries and Vedanta Aluminium also expanding capacity.