Adani Enterprises Ltd. plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha, as Gautam Adani, Asia’s richest man, adds one more business to his rapidly-expanding empire.
The flagship company of the Adani Group got the approval to build the refinery and a captive power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion), according to a Twitter post on Wednesday by the office of the state’s Chief Minister, Naveen Patnaik. The refinery will have an annual capacity of 4 million tons, according to another statement by the local government.
A representative for Adani Enterprises declined to comment on the Odisha project or the company’s plans for its fledgling aluminum business.
Billionaire Adani had set up a wholly owned subsidiary — Mundra Aluminium Ltd. — in December, signaling his aspirations in a sector that is dominated by heavyweights such as the…
