Daiki Aluminium Industry signs MoU with APEDB for recycled aluminium alloy plant

The Andhra Pradesh Economic Development Board (APEDB) on Thursday, December 6, entered into a Memorandum of Understanding (MoU) with Japan-based Daiki Aluminium Industry to set $30 million (INR 225 crore) aluminium alloy unit with a capacity of 84,000 tonnes per annum.

The MoU was signed by APEDB Chief Executive Officer J Krishna Kishore and Daiki Aluminium Industry Group president Takaaki Yamamoto.

J Krishna Kishore said: "Aluminium recycling is gaining importance as an economically valuable secondary raw material across the world. The state continues to fill existing gaps in the circular economy and is delighted to have India's biggest recycling aluminium alloy plant in Andhra Pradesh."

"The plant will have a low-emission profile as 20-25 per cent of the investment will be spent on pollution control machinery, equipment and environment education."

The raw material initially will be procured from the United States, the UK and major European markets and the finished goods will be exported to ASEAN countries and Japan.

"I’m impressed by the growth-oriented development and initiatives taken by Government of Andhra Pradesh and Chief Minister Nara Chandrababu Naidu to promote industries with hassle-free and timely support from Government departments," Takaki Yamamoto said.