Adani Enterprises—the flagship company of ports-to-power billionaire Gautam Adani—and Abu Dhabi-based International Holding Co. (IHC) are investing 1.08 trillion rupees ($11.3 billion) to build an aluminum project in the eastern Indian state of Odisha amid booming demand for the metal.

Under the deal, the partners will set up a 50:50 joint venture to develop the project in two phases. The first phase will require an investment of about 660 billion rupees, while the second phase will need around 440 billion rupees, according to a statement released on........

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