Hindalco plans to invest Rs 25,000cr in Odisha

Prameyanews English

Published By : Prameya News Bureau | July 05, 2024 IST

 Hindalco  to invest Rs 25,000cr in Odisha

Bhubaneswar, July 5: Hindalco Industries Ltd has planned to further invest over Rs 25,000 crore in Odisha. The money will be invested in various upcoming industrial projects in the state.

Managing director of Hindalco Satish Pai on Thursday briefed Chief Minister Mohan Charan Majhi in Bhubaneswar about the future investment plans.

The Hindalco Industries Ltd has invested over Rs 30,000 crore in its various industries operating in Odisha and there are plans to invest over Rs 25,000 crore more, Pai apprised the chief minister during his meeting.

As proposed, it will invest Rs 8,000 crore in the three MTPA Aditya alumina refineries of Hindalco at Kanshariguda in Rayagada distric. The second largest apparel manufacturing unit of Aditya Birla is also coming up near the refinery plant with an employment for over 3,000 local women.

The Chief Minister has assured all support from his government with focus on employment of locals, said the Hindalco MD.

The company is setting up a flat rolled products (FRP) projects at Lapanga in Sambalpur district with an investment of over Rs 5,000 crore. Nearly 80 per cent of the project work has been completed and it is likely to be commissioned by January next year, said Pai.

Once commissioned, the production capacity of fine quality aluminium foil will increase manifold. The foil is used in rechargeable batteries to serve the rapidly growing market for electric vehicles (EVs) and energy storage systems. It will initially produce 25,000 tonne of the resilient product which forms the backbone of lithium-ion and sodium-ion cells.

Hindalco has also planned a 1,000 MW floating solar project at Hirakud with an investment of around Rs 6,000 crore. In addition, the company has also decided for the expansion of its aluminium smelter at Lapanga at a cost of about Rs 7,000 crore.

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