Adani Group's latest venture is likely to give tough competition to industry majors like Anil Agarwal-led Vedanta, Aditya Birla Group’s Hindalco Industries and Tata Group, the report added.
Notably, the conglomerate started the first phase of its copper operations with a smelter capacity of 500 ktpa in March. “The group is well-positioned to enter other metals, including aluminium, iron and steel,” a person close to the group told the Economic Times.
Adani Eyes To Tap Into Aluminium and Steel Market
Adani Group has been eyeing to tap into the aluminium and steel market and had secured approval to build an alumina refinery and a captive power plant in Rayagada, Odisha. Though the work on this project is yet to commence, the company has previously considered setting up an alumina refinery under its subsidiary, Mundra Aluminium Ltd.
The new investments are part of Adani's strategy to ensure captive consumption for its green energy and infrastructure projects. With a goal of reaching 50GW in renewable energy by 2030, securing its own supply of aluminum and steel is seen as crucial for building solar and wind power infrastructure, according to a Mint report.
Adani Group has been looking to expand its footprints to sectors which has so far been beyond its reach. Two years ago, company had forayed into the cement sector by acquiring Ambuja Cements Ltd and ACC Ltd for $6.6 billion.
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