Hindalco board approves financial restructuring

Hindalco Industries, the flagship company of the Aditya Birla group, today said its board has approved a financial restructuring plan to set aside funds for future business expansion among others.

Under the scheme of arrangement, the company would set up a 'Business Reconstruction Reserve Account' which would be credited with an amount as decided by the board of directors, Hindalco said in a filing to the Bombay Stock Exchange.

"The aforesaid amount would be utilised for write off or adjustment of non-operating costs on international acquisition made by the company and organic growth projects in India," it said.

The company would allocate fund for the reserve account from the balance available in Securities Premium Account as on December 31, 2008, it said.