Adani Enterprises Ltd. plans to invest $5.2 billion to build an alumina refinery in eastern India’s Odisha state, while Gautam Adani, Asia’s richest man, adds another company to his fast-growing empire.
The flagship of the Adani Group has been granted approval to build the refinery and its own power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion), according to a Twitter post from the state’s premier’s office , Naveen, Patnaik emerges on Wednesday. The refinery will have an annual capacity of 4 million tons, according to another local government statement.
A representative from Adani Enterprises declined to comment on the Odisha project or the company’s plans for its fledgling aluminum business.
Billionaire Adani had a wholly owned subsidiary – Mundra Aluminum Ltd. in December. – was formed, signaling its ambitions in a sector being dominated by heavyweights like Aditya Birla Group and London-based Vedanta Resources Ltd. The world-dominated tycoon has built its empire on agri-trade and ports, with its biggest wealth surging this year to $126 billion, but has quickly diversified into airports, data centers and renewable energy, and often moves in lockstep with political priorities the Indian government.
Adani had expanded its nascent cement business overnight by acquiring Holcim Ltd’s India operations in May. for $10.5 billion less than a year after establishing a cement subsidiary. After announcing plans for steel and copper plants earlier this year, he is now steadily expanding his group’s metals portfolio.
In June, Adani Enterprises raised Rs.60.7 billion in a syndicated club loan for a 500,000-ton new copper refinery complex in Gujarat. The company also announced in January a collaboration with South Korean steel group Posco to explore business opportunities in India, including building a green steel mill.
