Hindalco to spend $10 billion to expand India business and Novelis, chairman says
India's Hindalco Industries will spend $10 billion to expand its domestic business and U.S.-based aluminium recycler Novelis Inc, Chairman Kumar Mangalam Birla said during the metals refiner's shareholder meeting on Thursday.
Hindalco would use the $10 billion for the ongoing aluminium and copper expansion projects as well as new ones, such as Novelis' Bay Minnette project in the United States, he said.
The Aditya Birla Group-owned company, which plans to expand its copper smelting capacity, is also exploring setting up a brownfield facility in Gujarat for copper.
The company did not provide any timeline for the previously delayed initial public offering of Novelis, Hindalco's biggest business that generates 60% of its revenue.
Hindalco said in December it was expanding beyond its core set of customers and aiming to produce key components for electric-vehicle cells.
