Reliance evaluates aluminium entry as Adani advances $11.5B Odisha project

Reliance Industries is assessing an aluminium-business foray linked to its proposed Andhra Pradesh coal-gasification complex. Separately, Adani Enterprises and IHC are planning a $11.5 billion, 2-million-tonne-per-year aluminium project in Odisha.

— Source publishedWed, 26 Aug, 2026, 08:20 IST·First seen Wed, 26 Aug, 2026, 08:24 IST·Source ET Small Business

What happened

Reliance Industries is evaluating an aluminium-business entry linked to planned Andhra Pradesh coal gasification, while Adani Enterprises plans an $11.5

Key facts

  • Rs 2.73 lakh crore
  • 30 years
  • $11.5 billion
  • 2 million tonnes per annum
  • 3,100 hectares
  • more than 200 million tonnes
  • 175% auction premium
  • 2.5 million tonnes annual capacity
  • 1.4 million tonnes annual capacity
  • 0.5 million tonnes annual capacity

Why this matters

Reliance’s coal-gasification-linked aluminium evaluation suggests a route to industrial diversification, but Adani’s advanced scale plan may make partnerships, technology access and secure low-cost energy the critical deal levers.

What to watch

  • Adani board approval, financial close, formal Odisha government agreements and environmental clearance milestones.
  • Confirmation of project configuration: smelter-only versus integrated bauxite, alumina refinery, captive power and downstream rolling/extrusion capacity.
  • IHC equity commitment, debt syndication and disclosed construction timeline for the $11.5 billion project.
  • Reliance announcement of a metal-sector partner, Andhra Pradesh site allocation, coal-gasification investment approval or aluminium-specific capex.
  • Indian aluminium demand growth in power transmission, electric vehicles, solar frames, packaging and construction.
  • Aluminium prices, alumina availability, captive-power costs, carbon-policy changes and recycling economics.
  • Adani is likely to pursue regulatory clearances, Odisha land and infrastructure arrangements, financing structure and alumina/bauxite supply agreements with IHC participation.
  • Adani may secure long-duration renewable and thermal power capacity, transmission access and downstream offtake partnerships to support smelter economics.
  • Reliance is likely to conduct feasibility work around coal-gasification outputs, power availability, technology partners, emissions treatment and potential Andhra Pradesh policy incentives.
  • Both groups may seek acquisitions, joint ventures or supply contracts in bauxite, alumina, recycling and value-added aluminium products rather than relying solely on greenfield integration.

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