Hindalco Plans INR 2,000 crore Capex for Expansion

Aluminium major Hindalco said that it has decided to invest INR 2,000 crore this year, majority of which will go into alumina capacity expansion at Utkal Alumina refinery and the rest for working capital. Hindalco chairman Kumar Mangalam Birla said that "We remain focused on strengthening our balance sheet through allocation of capex towards growth strategies and generating positive free cash flows. We have a capex of INR 2,000 crore, most of which will go towards the capacity expansion of Utkal Alumina refinery and the some towards working capital and maintenance work.”

While addressing company' shareholders at the 60th annual general meeting, Mr Birla said, on the downstream VAP side the company aims to double the share of value-added products in the domestic aluminium business over the next 5-6 years with an investment of around USD 1-1.2 billion in India. He added that "It will also expand its alumina capacities with an expansion at Utkal Alumina refinery by 500 Kt, to be commissioned by FY21. Since per capita aluminium consumption in India is still far below the global average, there is significant potential for higher consumption, given India's current demographic and economic outlook.”

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