Billionaire Gautam Adani-led Adani Enterprises is planning to set up an alumina refinery in Odisha with an investment of $5.2 billion as Adani Group added one more business to its rapidly-expanding business empire, news agency Bloomberg reported.
The company has got approval from Odisha government to build the refinery and a captive power plant in Rayagada for an investment of Rs 41,653 crore. The refinery will have an annual capacity of 4 million tonnes, Bloomberg reported citing statement by the Odisha government.
In December last year, Adani Group had set up Mundra Aluminium showing his aspitrations for a sector dominated by Kumar Mangalam Birla-led Aditya Birla Group and Anil Agarwal-led Vedanta Group.
Earlier this month, Adani Enterprises' subsidiary, Adani Road Transport acquired toll road assets of Macquarie Asia Infrastructure Fund (MAIF) worth Rs 3,110 crore. The comopany acquired Gujarat Road and Infrastructure Company Ltd and Swarna Tollway Private Ltd
Adani became world's fourth richest individual surpassing Microsoft founder Bill Gates, according to Forbes' Real Time Billionaires List. Gautam Adani and Family with net worth of $116.4 billion surpassed Bill Gates who has net worth of $104.6 billion.