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Hindalco earmarks Rs 10,000 cr capex for FY24, FY25

Thursday, 25 May 2023
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Hindalco Industries, has earmarked a capex of Rs 5,000 crore each for the current financial year (FY) and FY25, which would be used mainly for its ongoing expansion plans. The firm plans to fund its entire capex requirements through internal accruals.

The capital outlay plans for this year include setting up 170 KT flat-rolled products capacity in Aditya Aluminium and Hirakud in Odisha, and setting up the Chakla coal mine. Further, it would also utilise it in taking off expansion plans of Mahan Aluminium in Madhya Pradesh, and capacity expansion to 350 KT at Utkal Alumina through debottlenecking.

Further, the company’s 34,000 tpa extrusion plant at Silvassa will go on stream in the next few days, and will cater to the strong domestic demand for aluminium and copper. The company will certify about eight percent of its annual aluminium production of 1.3 million tonne as low-carbon in the current FY, with further scaling-up as renewable energy (RE) supply is expected to grow.

Hindalco which has shipped about 200 tonne of low-carbon aluminium overseas, will continue with its investment of USD 1.8 billion in the US subsidiary, which would be used for expansion plans across the US, Brazil and South Korea. The aluminium producer has also set its focus on ramping up low-carbon production to at least 30 percent in the next three-four years, based on the projected rise in global demand. 

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