The Aditya Birla group flagship Hindalco entered in to a memorandum of understanding with the government of Orissa on Friday to set up its aluminium complex in the state. | |
| Hindalco has informed the stock exchanges on Friday evening that it will invest Rs 11,000 crore for the proposed integrated aluminium project in Orissa, which is one of the biggest in the region in recent years. |
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| The integrated aluminium project will comprise an alumina refinery of 1 million metric tonne per annum, an aluminium smelter plant of 2,60,000 tonne per annum, a captive power plant of 650 mw and bauxite mines of 3 million tonne annual capacity. |
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| Kumar Mangalam Birla, the chairman of the Aditya Birla Group and the Hon'ble Chief Minister of Orissa, Naveen Patnaik were present at the signing ceremony in Bhubaneswar. |
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| According to the release sent to the stock exchanges, Birla said that this MoU with the Government of Orissa marks a key milestone, creating a very strong global growth platform for the Company's aluminium business. |
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| This project also positions Orissa on the world map in the metals sector. |
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| He expressed his deep appreciation to the entire Orissa government apparatus and also hailed the role of chief minister Naveen Patnaik who has acted as a facilitator for the project. |
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| Incidentally, the entire metal business of Aditya Birla group is now under Hindalco following the merger of the copper division of Indo Gulf with the company. The company has a commendable reserve position of Rs 6765 crore. |
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| It has registered a turnover of Rs 6435 crore in 2003-04 and a net profit of Rs 838 crore. Hindalco's good run is continued in the third quarter of 2004-05 with Rs 264 crore net profit over a turnover of Rs 2081 crore. |
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| The blueprint |
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- Hindalco to invest Rs 11,000 crore to set up its aluminium project in Orissa
- The integrated project will comprise an alumina refinery of 1 million tonne per annum, an aluminium smelter plant of 2,60,000 tonne per annum, a captive power plant of 650 mw and bauxite mines of 3 million tonne annual capacity.
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