Hindalco earmarks $2.5-3 billion capex for next five years
Steel

Hindalco earmarks $2.5-3 billion capex for next five years

Hindalco Industries Limited, a subsidiary of Aditya Birla Group company, has earmarked capital expenditure (capex) of $2.5 to $3 billion on a consolidated basis over the next five years.

Hindalco Industries Chairman, Kumar Mangalam Birla, said the company is on track to execute organic growth projects involving a capital outlay of over $ 1 billion towards Utkal alumina expansion, specialty alumina projects, various aluminum and copper downstream expansions. In Novelis, the capex will be invested chiefly in auto-finishing line expansions in the United States and China and rolling and recycling capacity expansions in Brazil.

These investments will push the strategy of building a more predictable and resilient business model, Birla said.

The company had recorded a net profit of Rs 2,787 crore in the quarter ended June 30, against a net loss of Rs 709 crore in the same period last year, driven mainly by the higher realisation and better contribution by Novelis. Novelis reported an all-time high quarterly earnings before interest, taxes, depreciation, and amortisation

(EBITDA) of Rs 4,090 crore against Rs 1,919 crore due to an increase in innovative and sustainable aluminum products demand.

The last 18 months have been among the toughest times for the industry with an unprecedented passage of time that has tested the corporations' and individuals' resilience.

Through this unsettling period, it has been exciting to see how the Hindalco ecosystem developed and grew, he added.

Birla said companies need to look beyond short-term aims to ensure sustainable growth in the fast-changing world.

Image Source


Also read: JSW Infrastructure aims Rs 10,000 crore capex over five years

Also read: Coal India plans Rs 17,000 cr capital expenditure target in FY22

Hindalco Industries Limited, a subsidiary of Aditya Birla Group company, has earmarked capital expenditure (capex) of $2.5 to $3 billion on a consolidated basis over the next five years. Hindalco Industries Chairman, Kumar Mangalam Birla, said the company is on track to execute organic growth projects involving a capital outlay of over $ 1 billion towards Utkal alumina expansion, specialty alumina projects, various aluminum and copper downstream expansions. In Novelis, the capex will be invested chiefly in auto-finishing line expansions in the United States and China and rolling and recycling capacity expansions in Brazil. These investments will push the strategy of building a more predictable and resilient business model, Birla said. The company had recorded a net profit of Rs 2,787 crore in the quarter ended June 30, against a net loss of Rs 709 crore in the same period last year, driven mainly by the higher realisation and better contribution by Novelis. Novelis reported an all-time high quarterly earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 4,090 crore against Rs 1,919 crore due to an increase in innovative and sustainable aluminum products demand. The last 18 months have been among the toughest times for the industry with an unprecedented passage of time that has tested the corporations' and individuals' resilience. Through this unsettling period, it has been exciting to see how the Hindalco ecosystem developed and grew, he added. Birla said companies need to look beyond short-term aims to ensure sustainable growth in the fast-changing world. Image Source Also read: JSW Infrastructure aims Rs 10,000 crore capex over five years Also read: Coal India plans Rs 17,000 cr capital expenditure target in FY22

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement