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13 NOVEMBER 2018 AL CIRCLE

Hindalco to inject INR 6000 crore for establishing downstream units in Odisha & Gujarat

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Hindalco, the world’s largest aluminium rolling company, has announced to invest INR 6,000 crore towards setting up of downstream facilities in Odisha and Gujarat. While in the Sambalpur district of Odisha the company will establish a flat-rolled products unit, in Mudra at Gujarat the company is considering to set up an extrusion plant.

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“We have committed to set up downstream facilities in Gujarat and here in Odisha by investing over ₹6,000 crore over the next four years,” Pai told BusinessLine during an interview on the sidelines of the Make-in-Odisha Conclave 2018, a biennial investor conclave, organised by the State Government.

According to Satish Pai, managing director of Hindalco, expansion of units for downstream products takes time and will be done through a phase-wise manner.

In a recent time, the company has signed a memorandum of understanding (MoU) with the Gujarat government to invest INR 2,100 crore for the establishment of an extrusion plant in Mudra with an annual capacity of 137,000 tonnes. In Sambalpur, it will invest close to INR 4,000 crore for a flat-rolled products unit with an annual capacity of 375,000 tonnes.

Besides, the company is in the process of investing INR 1,600 crore as capex during this fiscal. While INR 700-800 crore of the investment will go towards the maintenance of its facilities, the rest will be deployed for brownfield expansion of Utkal Alumina project. The ₹1,300-crore Utkal Alumina project includes ramping up of the facility by 0.5 million tonne to 2 million tonnes per annum.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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