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First telecom, then retail, and now, aluminium? Reliance Industries Ltd. is reportedly exploring an entry into aluminium production, months after rival Adani Enterprises Ltd. committed $11.5 billion to the same sector.

The interesting bit here is the coal connection. Reliance is planning a massive coal gasification project in Andhra Pradesh, and insiders suggest aluminium could help make that fuel commercially viable. It even bid for Odisha's Karlapat bauxite block, though Vedanta Ltd. ultimately won it.

Should this move forward, Reliance would b...