Hindalco Industries on Tuesday announced a 210 billion-rupee ($2.29 billion) project to expand its aluminum smelter in the eastern Indian state of Odisha, as a part of its larger capacity enhancement plan aimed at reducing reliance on imports.
The Aditya Birla Group company also commissioned a flat rolled products (FRP) and battery-grade aluminum foil manufacturing facility worth 45 billion rupees.
Aluminum products are critical raw materials for lithium-ion batteries used in electric vehicles and clean energy storage. The investments come amid New Delhi’s push towards greater local manufacturing.
Mumbai-headquartered Hindalco, India’s largest FRP maker by market share, said the expansion will nearly halve the dependence on imports. About 40% of flat-rolled aluminum is currently imported into India, it added.
The projects are expected to generate over 15,000 additional jobs, and are part of the firm’s overall capital expenditure outlay of 550 billion rupees across India, Hindalco added.
($1 = 91.7250 Indian rupees)
(By Hritam Mukherjee; Editing by Mrigank Dhaniwala and Sonia Cheema)
