THE HINDU Business Line
Hindalco will invest Rs 10,000 cr this fiscal
Edited by : AL CIRCLE
1 min read
Hindalco Industries plans to invest Rs 10,000 crore this fiscal in its ongoing projects Mahan Aluminium in Madhya Pradesh, Aditya Alumina and Aluminium and Utkal Alumina in Orissa.
Hindalco has cash reserves of Rs 29,504 crore as on March 31, 2011.
Replying to shareholders' query on the delay in commissioning of Mahan Aluminium and Aditya Alumina, Mr Kumar Mangalam Birla, Chairman, Hindalco Industries, said it was due to the delay in obtaining environment clearances and procuring land.
Availability of skilled and semi-skilled labour was also an issue, he said at the company's 52nd annual general meeting on Friday.
Mr Birla assured the investors that the Mahan Coal Block would soon get the green signal soon with the Government deciding to scrap the concept of ‘go and no go' zones. At present, the project is under the consideration Empowered Group of Ministers.
Worldwide, an unmistakable phenomenon has been the sharp accentuation of uncertainty about the future course of the large global economies. Governments were struggling to respond appropriately to this uncertainty, which inevitably spills over into the world of business, Mr Birla said.
Hindalco has cash reserves of Rs 29,504 crore as on March 31, 2011.
Replying to shareholders' query on the delay in commissioning of Mahan Aluminium and Aditya Alumina, Mr Kumar Mangalam Birla, Chairman, Hindalco Industries, said it was due to the delay in obtaining environment clearances and procuring land.
Availability of skilled and semi-skilled labour was also an issue, he said at the company's 52nd annual general meeting on Friday.
Mr Birla assured the investors that the Mahan Coal Block would soon get the green signal soon with the Government deciding to scrap the concept of ‘go and no go' zones. At present, the project is under the consideration Empowered Group of Ministers.
Worldwide, an unmistakable phenomenon has been the sharp accentuation of uncertainty about the future course of the large global economies. Governments were struggling to respond appropriately to this uncertainty, which inevitably spills over into the world of business, Mr Birla said.
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