Hindalco board to raise Rs 4,400 cr via debt

Hindalco Industries on Monday announced that its board this week will consider raising up to Rs 4,400 crore via debt.

The board "will consider... To avail not exceeding Rs 2,400 crore working capital facility by way of commercial papers and unsecured debentures etc for aluminium business subject to necessary approval", Hindalco Industries Ltd said in a filing to the BSE.

The board will also consider availing "not exceeding Rs 2,000 crore working capital facility by way of commercial papers and unsecured debentures etc for copper business subject to necessary approval", the filing added.

The meeting of the board of directors is scheduled for August 11.

Hindalco, the metal flagship of the Aditya Birla Group, is the industry leader in aluminium and copper, according to the company website.

With a consolidated turnover of $17 billion, Hindalco is the world's largest aluminium rolling company and one of Asia's biggest producers of primary aluminium. Its copper facility comprises a copper smelter and a fertiliser plant, along with a captive jetty, the website said.

Its aluminium units across India cover a gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling.