Hindalco earmarks about $8 bn in capex over 5 years

24 Aug 2022 , 02:45 PM

Novelis has identified potential investment opportunities of approximately $4.5 billion. Birla was speaking at the Hindalcos 63rd Annual General Meeting on Tuesday (23 August 2022). In the India Business, the company has identified potential investment opportunities of nearly $3 billion. Birla added that 70% of the companys consolidated cash flows will be allocated towards high-growth downstream segments, including EVs, mobility, packaging, batteries, B&C, and consumer durables. On the back of solid financial performance and a strong balance sheet, your company is well-positioned to drive a new wave of transformational growth fuelled by organic expansion, he said. The company plans to achieve a renewable capacity of 300 MW by FY25, including 100 MW solar power capacity with hybrid storage. Hindalco Industries is the metals flagship company of the Aditya Birla Group. It is the worlds largest aluminium company by revenues, and a major player in copper. It is also one of Asias largest producers of primary aluminium. On a consolidated basis, Hindalco Industries net profit surged to Rs 4,119 crore, a 48% growth YoY and 7% sequentially despite rising costs and inflationary pressures. Revenue for the first quarter stood at Rs 58,018 crore, up 40% YoY. Shares of Hindalco Industries were up 0.13% at Rs 428.35 on the BSE. Powered by Capital Market – Live News