Adani Enterprises Ltd. plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha. Gautam Adani, a billionaire, gained the most money of anyone in the world, reaching $126 billion.
As Asia’s richest man, Gautam Adani, adds one more company to his rapidly expanding empire. Adani Enterprises Ltd. plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha. This will be Adani Enterprises Ltd.’s latest endeavour.
According to a post that was made on Twitter on Wednesday by the office of the state’s chief minister, Naveen Patnaik, the flagship company of the Adani Group was granted permission to build the refinery and a captive power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion).
According to yet another statement made by the local government, the refinery will have an annual capacity of 4 million tonnes.
A representative for Adani Enterprises declined to comment on the Odisha project or the company’s plans for its nascent aluminium business. Adani Enterprises is working on developing an aluminium business.
In December, billionaire Adani set up a company called Mundra Aluminium Ltd., which he owns completely. This showed that he wanted to compete in a market that is currently dominated by big companies like the Aditya Birla Group and Vedanta Resources Ltd. of London.
The tycoon built his empire on agri-trading and ports but has speedily diversified into airports, data centres, and renewable energy, frequently moving in lockstep with the Indian government’s policy priorities.
This year, the tycoon’s wealth increased by the most of any individual in the world, reaching $126 billion.
Adani had scaled up his new cement business overnight less than a year after establishing a cement subsidiary by purchasing Holcim Ltd.’s India units for $10.5 billion in May.
This was less than a year after Adani had first established a cement subsidiary. After saying earlier this year that he was going to build steel and copper plants, he is now slowly adding more metals to his company’s portfolio.
In June, Adani Enterprises secured a syndicated club loan for 60.7 billion rupees to fund the construction of a new copper refinery complex in Gujarat with a capacity of 500,000 tonnes.
The company also disclosed in January that it would be teaming up with Posco, a major steel producer in South Korea, to investigate potential business opportunities in India, such as the establishment of a green steel mill.
