Hindalco to expand value added products capacity by 66 percent

<p>Hindalco Industries Ltd. has an intention to invest $773 million in the next five years in order to increase its capacity to manufacture processed products such as aluminium panels. &nbsp;The reason behind the intention is the country&rsquo;s plan to boost investments in building infrastructure.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/extrusion_aluminium.jpg" alt="news" width="448" height="279" />According to Managing Director Satish Pai, the company is looking for any distressed rolling mills or extrusion presses for sale in India for expanding annual production of value-added products about 66 percent to 800,000 tons.</p> <p>The company will be focusing on the downstream products and the automotive sector due to overcapacity in domestic primary aluminium markets. Pai said, &ldquo;If we want to take advantage of the Modi plan, we need to have downstream products.&rdquo; This means &ldquo;more cables, conductors, housing panels, and foils.&rdquo;</p> <p>{googleAdsense}</p> <p>Pai said, Novelis, a&nbsp;Hindalco&nbsp;Industries&nbsp;unit, is planning to invest more in the automotive sector. &ldquo;Novelis is a big part of the growth story -- we will be putting in more investments to expand into the auto sector.&rdquo;</p>