The alumina and aluminium capacity of Hindalco, an Aditya Birla group firm, will be doubled after its mega-expansion plans are completed, Chairman Kumar Mangalam Birla today said.
Hindalco's consolidated capital expenditure was close to USD 1.5 billion (Rs 9,300 crore), he said. "With most of its projects coming to fruition, we are now moving into the consolidation phase...These projects will facilitate capturing value across the aluminium chain," Birla said addressing the 55th annual general meeting of the Aditya Birla group here.
"Notwithstanding the market-related headwinds, FY'14 has been a watershed year for the company. Each of its three strategic Greenfield projects -- Utkal Alumina, Mahan Aluminium and Aditya Aluminium -- went on stream and are currently ramping up. These projects, in fullness of time, will redefine Hindalco's cost competitiveness on the global map," he said.
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With the commissioning of these projects, Hindalco's alumina and aluminium capacity will be doubled, alumina from 1.5 million tonnes (MT) to 3 MT and aluminium from 0.6 MT to 1.3 MT, Birla said.
The Hirakud flat rolled products project and Mouda Foils projects are on course, he added.
Novelis, its foreign subsidiary too achieved significant progress in its strategic expansion projects, he said, which included ramp up of production at the Pinda plant in Brazil, the mill expansions in Korea and the start of commercial production at its US automotive finishing lines.
The company's copper business registered its highest-ever EBIT in FY 14, Birla noted, adding it also cushioned the pressure on aluminium margins, and "virtue of a balanced portfolio" in metal businesses stands vindicated.
