Abu Dhabi’s International Holding Company and India’s Adani Group agreed to invest $11.5 billion to build an aluminum complex in the eastern Indian state of Odisha, the latest sign of growing ties between the two countries.
The UAE and India have been steadily strengthening their commercial, diplomatic, and security links in recent years, striking a free trade deal in 2022 and a defense pact earlier this year. The two countries’ leaders, Indian Prime Minister Narendra Modi and UAE President Mohamed bin Zayed, regularly meet, including when Modi traveled to Abu Dhabi in May. All that has been happening in parallel with a similar trend between Saudi Arabia and Pakistan.
The aluminum venture also deepens the relationship between IHC — chaired by Abu Dhabi’s deputy ruler Sheikh Tahnoon bin Zayed — and billionaire Gautam Adani’s conglomerate, following IHC’s $2 billion investment in Adani companies in 2022.