Hindalco to pump Rs10,000 cr into three aluminium projects
24 Sep 2011
Hindalco Industries, the flagship company of the Aditya Birla group, plans to invest Rs10,000 crore this fiscal in its three ongoing projects - Mahan Aluminium in Madhya Pradesh, Aditya Alumina and Aluminium and Utkal Alumina in Orissa, shareholders were told on Friday.
Hindalco's promoters are also looking at increasing their stake in the company through open market operations.
"The founders are looking at opportunities for raising stake in the company through the creeping acquisition route," group chairman Kumar Mangalam Birla said at the company's 52nd annual general meeting in Mumbai.
The company will also invest Rs700 crore this fiscal to enhance capacity at the Dahej unit of its subsidiary Birla Copper, which produces cathodes, continuous cast copper rods and precious metals.
Hindalco has cash reserves of Rs29,504 crore as on 31 March 2011.
The current rupee depreciation is likely to help the company's overall business due to higher exports in this fiscal, Birla said. "We expect our export revenue to touch Rs7,500 crore this year, which is 31 per cent of our total revenue," he said.
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