Financial Daily from THE HINDU group of publications
Wednesday, May 24, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 24, 2006 |
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Corporate
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New Projects Agri-Biz & Commodities - Aluminium Hindalco in pact with MP Govt for greenfield aluminium smelter Our Bureau
JOINING HANDS: Hindalco's Managing Director, Mr Debu Bhattacharya (left), with the Madhya Pradesh Chief Minister, Mr Shivraj Singh Chauhan (centre), in Bhopal on Tuesday. Also seen is the State Finance Minister, Mr Raghao Ji. — A.M. Faruqui
Mumbai , May 23 Hindalco Industries Ltd has announced that it has entered into an MoU with the Madhya Pradesh Government for its 3.25 lakh tonne greenfield aluminium smelter. The company had earlier announced that it is setting up an aluminium smelter in Siddhi in Madhya Pradesh at an investment of Rs 7,700 crore. At present, Hindalco's aluminium capacity stands at 4.25 lakh tonnes. The finances for this project have already been tied up through internal accruals and debt. The project is expected to go on stream in a four-year time frame, after all necessary approvals and infrastructure support are well in place. The aluminium smelter in Siddhi is expected to create 4,000-5,000 new jobs and generate another 12,000 jobs indirectly, the company said. This greenfield project entails putting up of a 3,25,000 tonnes aluminium smelter, a 750 MW captive power plant and a jointly owned captive coal mine. Hindalco would source the alumina required for this smelter from Utkal Alumina, the company's greenfield project in Orissa, in a JV with Alcan, Canada. The 3.25 lakh smelter in M.P. will need around 6.40 lakh tonnes of alumina. Utkal Alumina is slated to produce 1.5 million tonnes of alumina. Shares of Hindalco gained Rs 11.30 to Rs 191 on BSE.
More Stories on : New Projects | Aluminium | Hindalco Industries Ltd
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