Examining options for non-productive assets: Hindalco

Reports says Kumar Mangalam Birla seeks to raise $350 mn from sale of land to help pay for coal mines his group won in recent auctions

Hindalco Industries today said it is examining various options for its non-productive assets, including the land located at Kalwa, Thane.

This comes amid media reports that Kumar Mangalam Birla is seeking to raise $350 million from the sale of land to help pay for coal mines his group won in recent auctions.

"We constantly evaluate various value optimisation options with respect to the non-productive assets of the company including the land located at Kalwa, Thane," Hindalco Industries said in a regulatory filing.

However, further details regarding proposed sale of its land could not be obtained.

When contacted, a company's spokesperson declined to comment.

The media reports further said that the company is looking to sell surplus real estate at four locations.

In the recent coal mines auction, Hindalco had won Gare Palma IV/4, Gare Palma IV/5, Kathautia in the schedule II (operating) category.

Yesterday in a reply to Lok Sabha Coal and Power Minister Piyush Goyal had said that the likely revenue to be generated from the recent auction and allotment of 67 mines is estimated at 3.35 lakh crore.