Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Corporate
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Announcements Indal to continue with foil manufacturing biz Our Bureau
Kolkata , Aug. 27 THE independent corporate identity of Indian Aluminium Company Ltd (Indal) will remain intact till 2007, and the company will continue with its foil manufacturing business from its plant in Hyderabad. The foil plant, which was owned by its subsidiary, Annapurna Foils Ltd, had recently been merged with the company. An Indal source that it would take about six months to complete the process of merger of its other business activities, including the company's 35 per cent equity holding in Utkal Alumina International Ltd with Hindalco Industries Ltd of the Aditya Birla Group. Utkal Alumina, which is putting up a one million -tonne-per annum capacity export oriented alumina plant in Orissa will remain a separate corporate outfit. The source felt that it might not be merged with Hindalco in the foreseeable future. Subsequently, Utkal's alumina refining capacity might be doubled. Similarly, the Bhubaneswar-based Aditya Aluminium Ltd will also operate as an independent company. Aditya Aluminium has plans to set up an integrated aluminium smelter in Orissa. It has already obtained a bauxite mine in the State.
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