SMM11, 14 March: Hindalco, India's largest aluminum producer, will invest "at least" 600 billion rupees in building downstream facilities in India over the next four years. The investments will be made in Mudra, Gujarat, where it will set up an aluminum extrusion plant, while in the Sambalpur district of Odisha, it will choose to build an aluminum flat rolling production plant.
Hindalco Group recently signed an agreement with the government of Gujarat to invest 210 billion rupees in the Mudra aluminum extrusion plant, which has an annual capacity of 137000 tons.
Pai said it would also focus on coal mine auctions expected to be held at the end of November. "at present, there is no rapid solution to the problem of coal shortage. We have not been contacted, nor have we imported (coal). We have begun to invest about 500000 tons of imports at this stage. The company is waiting for a coal mine auction to take place at the end of November.
Hindalco already operates three coal mines, Gare Palma IV / 4 and IV / 5 of Chhattisgarh and Kathautia of Jharkhand. A fourth of Dumri (Jharkhand) is under development.
The company also said that the acquisition of Aleris Corp, an American aluminum sheet maker, would cost $2.6 billion and is expected to be completed between April and May next year.
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