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Adani Group Planning to Invest $5bn in Metals Business, Say Sources
November 12, 2024
Adani Group plans to invest $5bn over the next 3-5 years in setting up aluminum and steel businesses, and ramping up copper production, as per sources. This follows their $6.6bn entry into the cement industry in 2022. The $5bn investment is to be split wherein, $2bn will likely be allocated to copper and $3bn to other metals. A source said that Adani sees strong synergies with captive consumption where it may plan to use aluminum for its solar, wind, and green hydrogen projects, to help reduce costs and enhance efficiency in energy production. The company has already begun copper production through its Kutch Copper plant, with plans to invest an additional $1bn to double its capacity. The group is also developing iron ore mines, including a significant project in Odisha.
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