IHC launches $11.5B aluminum venture in India with Adani

Abu Dhabi’s International Holding Co. is embarking on one of its largest overseas investments yet, joining India’s Adani Group in an $11.5 billion aluminum venture in eastern India.

IHC and Adani will each own 50% of the project. The Abu Dhabi-based conglomerate is a key component in the sprawling business empire overseen by UAE National Security Advisor Tahnoon bin Zayed. The Adani Group is led by Indian billionaire Gautam Adani.

The new joint venture in India will build an end-to-end aluminum business, processing raw ore into finished metal while generating its own power to supply the energy-intensive operation. It also extends the UAE’s push to bolster its aluminum industry as Emirates Global Aluminium expands production in the U.S., Europe and Africa.

The investment comes as India expands domestic aluminum production to meet growing demand from the construction, power, transportation and renewable energy industries while reducing imports of higher-value metal products.

The project is expected to create 53,500 jobs in the eastern Indian state of Odisha, which accounts for more than half of the country’s aluminum production, and marks Adani Group’s entry into aluminum manufacturing after building one of the world’s largest copper smelters in the western state of Gujarat.