To build an alumina refinery in Odisha, Adani Group will invest $5.2 billion

The alumina refinery will cost $5.2 billion to build in the eastern Indian state of Odisha, as Asia's richest man, Gautam Adani, adds yet another enterprise to his rapidly growing empire.

To build an alumina refinery in Odisha, Adani Group will invest $5.2 billion

The alumina refinery will cost $5.2 billion to build in the eastern Indian state of Odisha, as Asia's richest man, Gautam Adani, adds yet another enterprise to his rapidly growing empire.

According to a tweet from the office of the state's chief minister, Naveen Patnaik, the flagship company of the Adani Group has received a license to construct a refinery and a captive power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion). According to another announcement by the local authorities, the refinery will have a 4 million tons yearly capacity. An Adani Enterprises official declined to comment on the project in Odisha or the company's future ambitions for its nascent aluminum sector.

Mundra Aluminum Ltd., a wholly owned company established by billionaire Adani in December, was a hint of his ambitions in a market dominated by giants like the Aditya Birla Group and London-based Vedanta Resources Ltd. The businessman, whose wealth increased by $126 billion this year to become the richest person in the world, started his empire on agricultural commerce and ports but rapidly grew into airports, data centers, and renewable energy, frequently following the government of India's policy agendas.

Less than a year after establishing a cement company, Adani ramped up his fledgling cement firm overnight by purchasing Holcim Ltd.'s India divisions for $10.5 billion in May. Following the announcement of plans for steel and copper plants earlier in the year, he is now progressively expanding the metals portfolio of his firm.