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Vedanta, Hindalco expresses interest in CIL project
Hindalco and Vedanta, and several companies in West Asia, have expressed interest in Coal India’s proposed aluminium project in Odisha. The world’s biggest coal producer recently invited expressions of interest (EoI) for equity partners in the project that includes bauxite mining, alumina refinery and aluminium and an associated coal preparation plant. “Most domestic companies are interested, including Vedanta and Hindalco, as equity partners," one of the two officials said on condition of anonymity. “During the pre-bid conference, parties from the Gulf showed interest. Actually, a lot of electricity is required to produce aluminium, and in the Gulf, electricity production using gas is cheaper. But they don’t have bauxite, so they buy alumina from India, which is made from bauxite, and use it to produce aluminium with cheaper electricity and sell it worldwide. Now, they have shown some interest in our plant," the official added. A second official said the government is ready to offer a majority stake and management control in a special purpose vehicle (SPV) that will implement the proposed aluminium project to the chosen private entity.
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