Adani Enterprises' Board Approves Rs 10,000-Crore QIP; Firm Announces $11.5 Billion Aluminium JV In Odisha

Shares of Adani Enterprises Ltd (AEL) are likely to remain in focus on Friday after the company announced two major developments — the launch of a qualified institutional placement (QIP) to raise up to Rs 10,000 crore and the formation of a 50:50 joint venture with IHC Group Company for an $11.5 billion aluminium project in Odisha.

Adani Enterprises launches Rs 10,000 crore QIP

The board of Adani Enterprises has approved the opening of its qualified institutional placement (QIP) issue to raise up to Rs 10,000 crore. The company said a discount of up to 5 per cent on the floor price is permitted under SEBI ICDR Regulations. Based on the maximum discount, the indicative issue price has been fixed at Rs 2,883 per share, which is about 9.27% lower than the company’s previous closing price.

At

the indicative price, Adani Enterprises plans to issue around 3.47 crore equity shares. The new shares will account for nearly 2.6% of the company’s post-issue equity capital. The company has appointed SBI Capital Markets, Jefferies India, ICICI Securities and IIFL Capital Services as the book running lead managers for the QIP.

50:50 JV to develop $11.5 billion aluminium project

Separately, Adani Enterprises announced a 50:50 joint venture with IHC Group Company to develop an integrated aluminium project in Odisha with an estimated investment of $11.5 billion. According to the company, the project will include a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter and a 1 MMTPA downstream manufacturing park. Adani Enterprises said the project will be India’s largest integrated aluminium investment.

The greenfield project will be developed in two phases with investments of Rs 66,000 crore and Rs 44,000 crore. The company said it will be Odisha’s largest foreign direct investment (FDI) proposal and is expected to generate around 53,500 jobs while strengthening the state’s position as a global aluminium manufacturing hub.

Commenting on the development, Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) and Director, Adani Cement, said: “The proposed project reflects our confidence in Odisha as a long-term manufacturing destination. The proposed JV between Adani Group and IHC Group will further strengthen our robust partnership. Together with the Government of Odisha, we will build an integrated aluminium ecosystem that creates jobs, expands value-added manufacturing and strengthens India’s industrial competitiveness.”

Company receives ESG rating

In a separate development, Adani Enterprises said Care ESG Ratings has assigned the company an ESG score of 83.1 (CareEdge – ESG 1+). The company said the rating reflects its commitment to environmental, social and governance (ESG) practices and transparent disclosures. The latest rating follows CARE ESG Ratings’ annual surveillance review and takes into account disclosures made in Adani Enterprises’ FY26 Integrated Annual Report.