Hindalco to invest Rs 10,000 cr in 2012-13 | business | Hindustan Times
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Hindalco to invest Rs 10,000 cr in 2012-13

Aditya Birla group's metals major Hindalco will invest more than R10,000 crore in the current fiscal to raise production capacity across various locations, the group's chairman Kumar Mangalam Birla said at the company's annual shareholders meeting today.

business Updated: Sep 11, 2012 23:36 IST
HT Correspondent

Aditya Birla group's metals major Hindalco will invest more than R10,000 crore in the current fiscal to raise production capacity across various locations, the group's chairman Kumar Mangalam Birla said at the company's annual shareholders meeting on Tuesday.

Hindalco's US subsidiary Novelis, a leading aluminum manufacturer, will invest $380 million (Rs 2,100 crore) in Brazil to build a 220,000-tonne plant and $200 million (Rs 1,106 crore) in the US for a 200,000-tonne plant. The company is currently building a $100-million (Rs 553-crore) aluminum auto sheet manufacturing plant in China. It is also constructing a $400-million (Rs 2,212-crore) recycling plant in Europe.

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About the company's future outlook, he said: "We broadly expect Rs 10,000 crore operating profit by fiscal year 2015-16."

The company's domestic projects including the Mahan aluminum project, Aditya aluminium project and Utkal refinery project are at advanced stages of completion, said Birla.

The company spent Rs 13,802 crore in 2011-12 on expansion.

Birla said a flat-rolled products project in Hirakud is also underway. "This will give the company a head-start in domestic and export markets," he said.