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Adani’s ₹57K Crore bet on Alumina,Iron Ore units in Odisha

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MUMBAI : The Adani Group said it will be foraying into the alumina and iron ore business with an investment of up to ₹57,575 crore. The company will set up a 4-million metric tonnes per annum (MMTPA) integrated alumina refinery unit and a 30-MMTPA iron ore (value-added) project in Odisha, it said in a statement.

Starting as a commodities trader in late 1980s, the Adani group has over the years added ports, airports, power, renewable energy, gas distribution, data centre and more recently cement business.

In June, Adani announced the group’s entry into the cement business by acquiring Holcim’s stakes in ACC and Ambuja Cements.

The company had set up a wholly owned subsidiary—Mundra Aluminium Ltd—in December, signalling his aspirations in a sector that is dominated by heavyweights such as the Aditya Birla Group and the London-based Vedanta Resources Ltd.

In June, Adani Enterprises raised ₹6,070 crore in a syndicated club loan for a 500,000 tonne copper refinery complex in Gujarat. The company also announced a tie up with South Korean steel major Posco in January to explore business opportunities in India, including the setting up of a green steel mill.

“The high-level clearance authority of the government of Odisha, headed by chief minister Naveen Patnaik approved Adani Group’s proposal to set up the two projects,” it said.

“Odisha is one of our most strategic states in which we continued to invest and we are always appreciative of the support we have received from the hon’ble chief minister,” Gautam Adani, Chairman, Adani Group, said.

“Metals are critical commodities in which our nation must be self reliant, and these projects are aligned with our vision of Atmanirbharta. In addition, being a power intensive business, it is a great adjacency to the renewable energy that we are able to generate and help to produce the greenest alumina anywhere. Our capital investment of ₹57,575 crore will create 9,300 direct jobs and open up tens of thousands of indirect employment opportunities in Odisha.”

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