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Our Bureau

Mumbai, June 30 Hindalco Industries will raise $500 million (Rs 2,400 crore) through qualified institutional placement (QIP).

Mr Sunirmal Talukdar, Group Executive President and Chief Financial Officer, Hindalco, said the company expects to complete the fund raising through QIP in eight weeks. The funds will be utilised for capacity expansion and greenfield projects, he added.

The board of directors on Tuesday cleared the fund raising proposal besides paying a divided of Rs 1.35 an equity share for FY’09.

The company proposes to expand smelting capacity at Hirakud to 155,000 tonnes per annum (tpa) from 143,000 tpa by August. The specials alumina production at Belgaum will be ramped up to 3,16,000 tonnes from 1,38,000 tonnes by 2011.

Other major greenfield projects – Utkal Alumina, The Mahan Aluminium, Jharkhand Aluminium – are expected to be completed by 2013.

“We have decided to go slow in the Aditya Aluminium project which includes 1.5 million tpa alumina refinery, 359,000 tpa aluminium smelter and 900 MW captive power plant in Orissa due to various reasons,” said Mr D. Bhattacharya, Managing Director, Hindalco.

More Stories on : Private Placement | Aluminium | Hindalco Industries Ltd

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