Hindalco unveils $2.3 billion aluminium smelter expansion plan
- Aluminium products are critical raw materials for lithium-ion batteries used in electric vehicles and clean energy storage
Hindalco Industries on Tuesday announced a 210 billion-rupee ($2.29 billion) project to expand its aluminium smelter in the eastern Indian state of Odisha, as a part of its larger capacity enhancement plan aimed at reducing reliance on imports.
The Aditya Birla Group company also commissioned a flat rolled products (FRP) and battery-grade aluminium foil manufacturing facility worth 45 billion rupees.
Aluminium products are critical raw materials for lithium-ion batteries used in electric vehicles and clean energy storage. The investments come amid New Delhi’s push towards greater local manufacturing.
Global aluminium producers seek Q1 premiums of $190-$203/T from Japan buyers, sources say
Mumbai-headquartered Hindalco, India’s largest FRP maker by market share, said the expansion will nearly halve the dependence on imports. About 40% of flat-rolled aluminium is currently imported into India, it added.
The projects are expected to generate over 15,000 additional jobs, and are part of the firm’s overall capital expenditure outlay of 550 billion rupees across India, Hindalco added.
Comments
Comments are closed for this article.