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Adani Group and Abu Dhabi-based International Holding Company are planning to jointly invest ~US$11.5 billion

ICICIdirect Research 02 Jul 2026 DISCLAIMER

News: As per media sources, Adani Group and Abu Dhabi-based International Holding Company are planning to jointly invest ~US$11.5 billion to set up an integrated aluminium plant in Odisha with an annual capacity of over 2 MTPA. The project is expected to include a captive power plant and leverage Odisha's abundant bauxite reserves. Once operational, the facility could increase India's aluminium production capacity by nearly 50%

View: The proposed investment underscores the strong long-term demand outlook for aluminium, driven by sunrise sectors such as electric vehicles, renewable energy, and power transmission. While the project timeline remains uncertain, the additional capacity is unlikely to materially impact aluminium realisations in the near-to-medium term, given robust domestic demand. Nevertheless, we will continue to monitor the project's execution timeline and its potential implications for the domestic aluminium industry.

Impact: Neutral

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