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 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.
