Gautam Adani led Adani Group has declared an investment of over US$5 billion in setting up aluminium and steel businesses along with ramping up copper production in India. This is the second time that the group has invested such megabucks in the metal industry, wherein, for the first time in 2022, the enterprise declared an investment of US$5.2 billion in developing an alumina refinery in the eastern Indian state of Odisha.
Image Source: https://www.adani.com/
On one hand, the recently announced investment plan will likely boost the group's infra business. It may also save on energy production costs by offering more affordable energy solutions than rivals.
The Adani Group has come up with the funding for the nation's metals business 2 years after its grand entry and consequent success in the country's cement sector.
The conglomerate will have a face-off with industry giants such as Aditya Birla Group's Hindalco Industries Ltd, Anil Agarwal-promoted Vedanta Ltd, and Tata Group, riding the synergies shared with its other businesses.
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