India's Adani — Leaving Musk, Bezos In Dust When It Comes To 2022 Wealth Gain — Now Plans To Establish New Alumina Refinery With $5.2B Investment

Adani Enterprises Ltd, the flagship company of the Adani Group — plans to invest $5.2 billion to set up an alumina refinery in the eastern Indian state of Odisha, reported Bloomberg. The refinery will bear an annual capacity of 4 million tons, as per a statement by the local government, it said.

A representative for Adani Enterprises declined to comment, the report added.

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Why It Matters: Gautam Adani, who is the founder and the Chairman of the Adani Group, had set up a subsidiary named Mundra Aluminium Ltd. in December that signalled his ambitions in the sector, the report said.

The Aluminium sector in India is dominated by big players like the Aditya Birla Group and London-based Vedanta Resources Ltd. A big entrant to the sector is going to pull attention toward competition and market dynamics.

Adani has added $49.3 billion to his wealth this year — by far the highest amount for any person on Bloomberg's list of the world's 500 richest people.

In contrast, top billionaires Tesla Inc. TSLA CEO Elon Musk and Amazon.com Inc. AMZN Jeff Bezos have lost $12.4 billion and $25.7 billion respectively, in 2022.

Borrowing: Adani Enterprises had earlier raised INR 60.7 billion in a syndicated club loan for a new copper refinery complex in Gujarat with a capacity of 500,000 tons, the report stated.

Price Movement: Adani Enterprises shares have grown over 64% since the beginning of the year.

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