Thursday, March 20, marked a significant milestone for the Indian aluminum industry. NALCO reported a 2.1 per cent growth in a single day, while Kumar Mangalam Birla-led Hindalco unveiled plans to invest INR 45,000 crore (USD 5.22 million) in its aluminum and copper segments.
Image source: Hindalco Industries
At Hindalco Industries' new brand identity launch, Birla said: We are committing INR 45,000 crore across the aluminium, copper and specialty alumina businesses to deliver upstream and next-gen high precision engineered products to our customers."
While announcing the plans, Birla reiterated Hindalco's position as a global leader in aluminium, copper, and specialty alumina. He said Hindalco is India's largest fully integrated company, with primary aluminium production expanded from a modest 20,000 tonnes to 1.3 million tonnes in Renukoot .
"...we are on track to surpass 1 million tonnes of refined copper production," Birla added.
Alongside, Hindalco is moving up to provide solutions in new fields such as electric vehicle mobility, renewable energy, and semiconductors. Its battery foil plant at Aditya and fabrication plant at Chakan are set to provide high-performance, sustainable alternatives to traditional automotive components for the EV industry.
High-speed transportation is Hindalco's new focus, designing and manufacturing lightweight battery enclosures for both two-wheelers and cars. Birla pointed out India's first hyperloop test track has Hindalco's high-precision aluminium extrusions.
Highlighting other ongoing projects, Birla talked about producing hard alloy products for defence and developing one-of-a-kind components for Chandrayaan and Mangalyaan in collaboration with ISRO. It is also setting up India's first e-waste recycling plant, which extracts and recycles metals from discarded devices.
Kumar Mangalam said Hindalco is now a 'mini conglomerate' with 52 plants across 10 countries and a diverse portfolio of high-quality products.
Did the investment plans have any effect on the market? Of course, yes! As soon as the news surfaced, Hindalco's share price on March 20 peaked at INR 705.95, reflecting an increase of 1.06 per cent in a day. Even the next day, the stock price remains steady, currently at INR 701.15.
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