Adani and IHC Collaborate on $11.5 Billion Aluminium Project
Abu Dhabi’s International Holding Company (IHC) is expanding its collaboration with the Adani Group through an $11.5 billion integrated aluminium project in Odisha. This venture comes as IHC solidifies its role as a key supporter of Adani following the market disruptions caused by the Hindenburg report in 2023. The joint venture will establish a comprehensive aluminium complex, which includes 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, positioning it as one of India’s largest aluminium hubs.
Adani Enterprises, a participant in the joint venture, has also initiated a $1 billion qualified institutional placement (QIP). This fundraising effort follows a $2.8 billion rights issue in December 2025, marking the company’s largest capital raise since the Hindenburg-triggered turmoil. The QIP is priced at Rs 2,883 per share, reflecting a 9.3% discount to Adani’s closing price of Rs 3,118 on the NSE. The issuance will lead to an equity dilution of 2.6% on a post-issue basis.
The Adani Group has diversified its operations across various sectors, including ports, airports, energy, and cement, and is now venturing into data centres, copper, and petrochemicals. The group operates a $1.2 billion copper smelter in Gujarat, recognized as the world’s largest single-location facility of its kind. The new IHC-Adani aluminium project will compete with established players such as Hindalco, led by Kumar Mangalam Birla, and Anil Agarwal’s Vedanta. IHC’s CEO, Syed Basar Shueb, emphasized the importance of building long-term platforms in industries that will shape the future of the global economy.
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