New Delhi, July 3 -- NEW DELHI - India's aluminium producers cannot meet the country's own demand. Domestic consumption is projected to reach 8.5 million metric tonnes by 2030; current production falls roughly 4.5 million tonnes short. On Wednesday, Abu Dhabi's International Holding Company and India's Adani Group signed an agreement proposing to close that gap - with the largest single foreign investment India's metals sector has ever seen.

The two conglomerates announced a memorandum of understanding for an $11.5 billion integrated aluminium complex in Odisha, to be developed in equal stakes through a joint venture between Adani Enterprises Ltd. and IRH, IHC's minerals division. The project would represent India's largest-ever foreign ...