Hindalco plans to invest Rs 2,000 crore in the recycling of copper and e-waste

23 Aug 2023 , 10:25 AM

According to chairman Kumar Mangalam Birla, the Aditya Birla Group company Hindalco Industries will invest Rs 2,000 crore in a plant for recovering copper and e-waste. At the business’s 64th annual general meeting, Birla stated, ‘Your company is investing Rs 2,000 crore to create the first-of-its-kind Copper and E-waste recycling facility in India.

Birla stressed the risky nature of e-waste, which is made worse by incorrect treatment and results in a large loss of priceless materials. Currently, a sizeable amount of e-waste is shipped to other countries due to the absence of efficient metal extraction and refining technology domestically. Consequently, this action provides a practical answer that is consistent with the circular economy strategy of the company and India, he said.

The transportation of food grains and bagged cement are just two examples of the specific end-use applications that Birla detailed intends to introduce three additional goods wagon types for in the upcoming months.

The company reported a combined net profit of Rs 2,454 crore in the first quarter of the current fiscal year, and Birla showed his confidence in India’s economic growth by forecasting a 6.1% growth rate in 2023. According to him, this growth is anticipated to be fueled by strong domestic demand, strong services sector activity, and strong public investment momentum.

In comparison to FY22, the company’s consolidated sales increased by 14% in FY23. According to him, the expansion of value-added products across all of its business sectors was what caused this rise. Additionally, the Hindalco-backed aluminum manufacturer Novelis posted record net sales of $18.5 billion in FY23, an increase of 8% over the previous year, and has $3.5 billion worth of expansion projects in the works. A record-breaking Ebitda (earnings before interest, tax, depreciation, and amortisation) of Rs 2,253 crore was also set by the company’s copper division during this time.

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