Overview
- Adani Enterprises announced a qualified institutional placement and a 50:50 joint venture with Abu Dhabi’s IHC on Friday, July 3, 2026, to develop an $11.5 billion integrated aluminium complex in Odisha.
- The QIP was increased from an initial Rs 10,000 crore to Rs 15,000 crore after bids worth about Rs 38,000 crore were received, roughly 3.8 times the original base size and covered within 48 hours.
- The offering is priced at an indicative Rs 2,883 per share, reflecting the 5% SEBI floor discount, and is being managed by SBI Capital Markets, Jefferies, ICICI Securities and IIFL.
- The JV project will include a 4 MMTPA alumina refinery, a 2 MMTPA aluminium smelter and a 1 MMTPA downstream manufacturing park built in two phases with planned investments of Rs 66,000 crore and Rs 44,000 crore and an expected 53,500 jobs.
- Company disclosures say proceeds will fund capital expenditure across its incubation businesses, repay debt and back strategic deals, and Adani Enterprises published a CARE ESG score of 83.1 even as investors continue to watch unresolved U.S. legal proceedings involving the group chairman.