The Adani Group has announced that it will invest $5.2 billion to set up an alumina refinery in Odisha

The Adani Group has announced that it will invest $5.2 billion to set up an alumina refinery in Odisha. The refinery will have a capacity of 3 million tonnes per annum and will be integrated with a power plant. This is a major investment by the Adani Group in the state of Odisha and will create thousands of jobs.

The Adani Group has announced that it will invest $5.2 billion to set up an alumina refinery in Odisha. It will be a significant investment for the company and help boost the region’s economy.

The Adani Group’s flagship company got the approval to build a refinery and power plant in Rayagada, according to a Twitter post by the office of the state’s Chief Minister, Naveen Patnaik. According to another statement by the local government, the refinery will have an annual capacity of 4 million tons.

A spokesperson for Adani Enterprises refused to comment on the Odisha project or the company’s goals for its young aluminium business.

Adani, a billionaire, set up a wholly owned subsidiary called Mundra Aluminium Ltd. in December. This move signals his aspirations in a sector dominated by heavyweights such as the Aditya Birla Group and the London-based Vedanta Resources Ltd. The tycoon, who had the world’s biggest wealth gain this year at $126 billion, built his empire on agri-trading and ports but has speedily diversified into airports, data centres and renewable energy, often moving in lockstep with the Indian government’s policy priorities.

Adani’s cement business rapidly expanded when he bought Holcim Ltd.’s India assets for $10.5 billion in May. This was less than a year after setting up a cement subsidiary. Adani is now focusing on building the group’s metals portfolio. He announced plans for steel and copper plants earlier this year.

In June, Adani Enterprises raised 60.7 billion rupees in a syndicated club loan for a 500,000 tons new copper refinery complex in Gujarat. The company also announced a tie-up with South Korean steel major Posco in January to explore business opportunities in India, including setting up a green steel mill. However, the company has not forgotten its roots and is still exploring ways to grow its business in India.