Hindalco Arranges INR49.06 Bln Loan For Utkal Alumina Refinery

NEW DELHI, Aug. 3 -- Hindalco Industries Ltd. (500440.BY) said Tuesday it has arranged a INR49.06 billion loan from 28 banks for an alumina refinery project of its wholly owned subsidiary, Utkal Alumina International Ltd.

The syndicated loan is led by IDBI Bank (500116.BY), while Royal Bank of Scotland and SBI Capital Markets Ltd. are the joint arrangers and book runners, India's largest aluminum producer said in a filing to the Bombay Stock Exchange.

The loan arrangements has resulted also in the financial closure of the 1.5 million metric ton a year project, which is proposed to be built in the eastern Indian state of Orissa.

Hindalco--which is part of the diversified Aditya Birla Group--said it has already arranged the equity component of the project.

The company said the refinery's capacity could be doubled, though it didn't give any timeline.