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India’s Adani Enterprises and Abu Dhabi-listed International Holding Company (IHC) have signed a memorandum of understanding with the government of the Indian state of Odisha to invest $11.5 billion in a proposed greenfield aluminum project.
The project will be one of India’s largest direct foreign investments in the sector, according to local Indian media reports.
The complex in Bhubaneshwar, the capital of Odisha, will include an alumina refinery of 4 million tonnes per annum, an aluminium smelter of 2 million tonnes per annum and a downstream aluminium park of nearly 1 million tonnes per annum, Indo-Asian News Service (IANS), a private Indian news agency, reported, quoting Karan Adani, Managing Director of Adani Ports and Special Economic Zone Limited.
The project will be supported by a captive power capacity of 4,000 megawatts (MW) and a green energy component of 400 MW.
The project is expected to generate nearly 35,000 jobs during construction and 18,500 during operations, Adani said.
IHC had previously invested $2 billion across Adani Green Energy Ltd, Adani Energy Solutions and Adani Enterprises Ltd, according to a report by local English language newspaper The Economic Times. In March 2024, UK-based Financial Times reported that IHC had sold its stakes in Adani Green Energy and Adani Energy Solutions while increasing its stake in Adani Enterprises Ltd.
(Writing by SA Kader; Editing by Anoop Menon)
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