Hindalco Secures Bauxite Supply Deal, Advances Alumina Refinery Plans

6 Oct 2023 , 02:44 PM

Hindalco Industries trades higher after signing MoU with Odisha Mining Corporation for bauxite supply. MoU secures long-term bauxite ore supply for alumina refinery in Kansariguda, Rayagada district. Proposed investment of Rs 8,000 crore for a two-million-tonne alumina refinery and 150 MW captive power plant in two phases.

First phase, 1 million tonne capacity, expected to commission in FY27 at an investment of Rs 5,500 crore. Event attended by chief minister Naveen Patnaik and Aditya Birla Group Chairman Kumarmangalam Birla.

Hindalco reports a decline in Q2 revenue and net profit YoY, with operating profit margins contracting by 400 basis points. Hindalco Industries, part of Aditya Birla Group, involved in aluminum and copper production for various sectors.

For feedback and suggestions, write to us at [e-mail]