Gautam Adani, chairman of Adani Group.AFP via Getty ImagesAdani Enterprises—the flagship company of ports-to-power billionaire Gautam Adani—and Abu Dhabi-based International Holding Co. (IHC) are investing 1.08 trillion rupees ($11.3 billion) to build an aluminum project in the eastern Indian state of Odisha amid booming demand for the metal. Under the deal, the partners will set up a 50:50 joint venture to develop the project in two phases. The first phase will require an investment of about 660 billion rupees, while the second phase will need around 440 billion rupees, according to a statement released on Thursday. The companies didn’t disclose when the project will be completed.“Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India's industrial competitiveness,” Karan Adani, managing director of Adani Ports and Special Economic Zone said in the statement. Once completed, the project will produce 4 million tons of alumina, 2 million tons of aluminum, and 1 million tons of value-added aluminum products each year. These products will be used in industries such as transportation, construction, power, packaging, renewable energy, and advanced engineering. The project is strategically located in Odisha, a state that holds some of India's largest bauxite reserves—the key raw material used to make aluminum—and accounts for 54% of the country's aluminum production. The project is also expected to create around 53,500 jobs during the construction and operational phases.MORE FOR YOU“This partnership with Adani Enterprises reflects that strategy and our shared ambition to develop a world-class integrated aluminum project that creates lasting economic value,” Syed Basar Shueb, CEO of IHC said.The project deepens the partnership between the two companies, which are jointly developing renewable energy projects across India. IHC has also invested more than $2 billion in the Adani Group since 2022.With an estimated net worth of $90.5 billion based on Forbes’ real-time data, Adani is among the wealthiest in India. He is the chairman of the Ahmedabad-based Adani Group, which has interests in airports, cement manufacturing, energy, logistics, media, mining, ports and real estate.