Adani, IHC join hands for $11.5 billion aluminium project

MUMBAI: Abu Dhabi’s International Holding Company, which emerged as a key backer of the Adani Group following the Hindenburg-induced market turmoil in 2023, is deepening its partnership with the conglomerate through an $11.5 billion integrated aluminium project in Odisha.The partners have formed an equal joint venture to build a sprawling aluminium complex comprising a four-million-tonne alumina refinery, a two-million-tonne aluminium smelter, a one-million-tonne downstream aluminium facility and a 4,000-MW captive power plant, making it one of India’s largest aluminium hubs.Adani Enterprises, an investor in the venture, also launched a $1 billion qualified institutional placement (QIP) on Thursday. The fundraising follows its $2.8 billion rights issue in Dec 2025, the company’s largest capital raise since the 2023 Hindenburg-triggered turmoil. The QIP was launched at an indicative price of Rs 2,883 per share, a 9.3% discount to Adani’s closing price of Rs 3,118 on the NSE on Thursday. The issue will result in an equity dilution of 2.6% on a post-issue basis.The flagship Adani Group company has built large-scale businesses spanning ports, airports, energy and cement, and is now expanding into data centres, copper and petrochemicals. It already operates a $1.2 billion copper smelter in Gujarat, billed as the world’s largest single-location facility of its kind.The IHC-Adani venture will compete with the aluminium businesses of Kumar Mangalam Birla-led Hindalco and Anil Agarwal’s Vedanta.“We are building long-term platforms in industries that will define the future of the global economy,” IHC chief executive Syed Basar Shueb said while announcing the project. With a market capitalisation of $233 billion, IHC has a portfolio of more than 1,300 companies across technology, infrastructure, financial services and consumer sectors. The Abu Dhabi-based conglomerate already partners the Adani Group in energy, transmission and AI. Earlier this year, IHC and Adani Green Energy formed a joint venture to pursue renewable energy projects across India.Mumbai: Abu Dhabi’s International Holding Company, which emerged as a key backer of the Adani Group following the Hindenburg-induced market turmoil in 2023, is deepening its partnership with the conglomerate through an $11.5 billion integrated aluminium project in Odisha.The partners have formed an equal joint venture to build a sprawling aluminium complex comprising a four-million-tonne alumina refinery, a two-million-tonne aluminium smelter, a one-million-tonne downstream aluminium facility and a 4,000-MW captive power plant, making it one of India’s largest aluminium hubs.Adani Enterprises, an investor in the venture, also launched a $1 billion qualified institutional placement (QIP) on Thursday. The fundraising follows its $2.8 billion rights issue in Dec 2025, the company’s largest capital raise since the 2023 Hindenburg-triggered turmoil. The QIP was launched at an indicative price of Rs 2,883 per share, a 9.3% discount to Adani’s closing price of Rs 3,118 on the NSE on Thursday. The issue will result in an equity dilution of 2.6% on a post-issue basis.The flagship Adani Group company has built large-scale businesses spanning ports, airports, energy and cement, and is now expanding into data centres, copper and petrochemicals. It already operates a $1.2 billion copper smelter in Gujarat, billed as the world’s largest single-location facility of its kind.The IHC-Adani venture will compete with the aluminium businesses of Kumar Mangalam Birla-led Hindalco and Anil Agarwal’s Vedanta.“We are building long-term platforms in industries that will define the future of the global economy,” IHC chief executive Syed Basar Shueb said while announcing the project. With a market capitalisation of $233 billion, IHC has a portfolio of more than 1,300 companies across technology, infrastructure, financial services and consumer sectors. The Abu Dhabi-based conglomerate already partners the Adani Group in energy, transmission and AI. Earlier this year, IHC and Adani Green Energy formed a joint venture to pursue renewable energy projects across India.