Adani Enterprises Ltd (AEL) received the approval to set up an alumina refinery and captive power plant in the eastern Indian state of Odisha for an investment of INR 416.5bn ($5.2bn). The refinery will have the capacity of 4 MTPA and a 175 MW power plant. In December last year, the group had set up a wholly owned subsidiary Mundra Aluminium Ltd to explore opportunities in the metal sector. In June, AEL raised INR 60.7bn ($760mn) via a syndicated club loan for a 500k ton new copper refinery complex in Gujarat. In January this year, it also announced a tie-up with South Korean steel company Posco to set up of a green steel mill. These moves are part of Adani’s foray into the metals industry and reflect its aspirations to compete with major players in the industry such as Vedanta Resources and Aditya Birla Group, Bloomberg notes.
Adani’s 4% 2027 traded higher 0.59 points to 92.93 to yield 5.66%.