India, UAE groups ink pact for Indian aluminium project

MUMBAI: India’s Adani Group and Abu Dhabi’s International Holding Company are looking to invest USD 11.5 billion in a massive aluminum project in the eastern state of Odisha, the Indian conglomerate said on Thursday.

The two parties signed a memorandum of understanding with the Odisha state government, Adani said in a statement, with the proposed investment set to be India’s “largest foreign direct investment in the metallurgy sector”. The statement said the Odisha project will see Adani Enterprises Limited and an IHC subsidiary form a 50/50 joint venture.

The project itself will consist of a refinery that can produce four million metric tonnes of aluminium per year, a smaller-capacity aluminum smelter and a 4,000-megawatt captive power plant. It will aim to create 53,500 jobs.