Hindalco picks up 26% stake in renewable energy company to power smelter in Odisha

6 Feb 2024 , 12:54 PM

Hindalco Industries has paid ₹1.62 Crore for a 26% stake in the renewable energy business Ayana Renewable Power Four, with the goal of supplying 100 MW of electricity around the clock to its Odisha-based smelter.

Ayana Renewable, headquartered in Bengaluru, was founded in 2019 and is majority owned by the National Infrastructure and Investment Fund. As of March 2023, the company had a 5 GW energy portfolio.

Hindalco, one of the country’s leading manufacturers of basic aluminium, has production plants in Uttar Pradesh, Madhya Pradesh, and Odisha. On Wednesday, it paid cash for a share in Ayana Renewable, which would now be an associate business of Hindalco Industries, according to an exchange filing.

Aditya Aluminium at Sambalpur, Odisha, is currently powered by coal and has a smelting capacity of 360,000 tonnes.

Hindalco Industries intends to achieve net carbon neutrality by 2050. In 2022, it entered into an agreement with Greenko Group to jointly produce 375-400 MW of solar and wind generating capacity. Smelting has large carbon emissions and requires a constant power source.

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