Hindalco Goes for Aluminum $1.5 Billion Project as Global Belief in Sector Wavers

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Although there is some pessimism circulating in the global aluminum sector about medium-term prospects, India's Hindalco Industries (BSE:HINDALCO.BO) (Mumbai, India) has raised more than $1.5 billion to fund its new project in Odisha . The company is planning to set up a 359,000-ton-per-year aluminum smelter with a 900-megawatt (MW) captive power plant at Lapanga.

The company is also setting up an alumina refinery with an integrated bauxite mine at Koraput in the state. The refinery is scheduled for completion by 2014. Hindalco is also developing two Greenfield projects, the Utkal Alumina project at Rayagada in Odisha and Mahan Aluminum in Madhya Pradesh.

The company has achieved financial closure at a time when the government is reviewing a series of coal block allotments being made to various metal companies, including Hindalco.

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