When Gautam Adani entered cement in 2022 through the acquisition of Ambuja Cements and ACC, many saw it as a natural extension of his infrastructure ambitions. His subsequent move into copper through Kutch Copper reinforced the view that the group was steadily building a commodities portfolio around sectors critical to India’s industrial growth. Now, Adani has turned to aluminium, one of the country’s most strategic metals. The $11.5 billion joint venture with Abu Dhabi-based International Holding Company (IHC) is one of the largest investments in India’s metals sector. It is also an attempt to enter a market long dominated by two powerful incumbents, Hindalco Industries and Vedanta Aluminium.