To be able to meet the growing requirement of Aluminium in India, Hindalco has decided that it will start two other plants. This is being done to increase the capacity of the company.
And for this, it is going to borrow close to Rs. 14,000 crore from the market.
The money will be raised in a couple of years and both the domestic as well as internal investment base will be used for this.
Hindalco, that is the fifth largest Aluminium producer in the world, needs Rs. 9,200 crore each for its two plants. The company made it to be the top league after buying a Canadian company, Novelis in 2007.
Name of the two projects would be Aditya Aluminium and Mahan Aluminium projects. Debu Bhattacharya, the MD of Hindalco said that by 2012, both the plants will become operational.
The metal thus produced shall be sent to the construction and auto industry.
It was also announced that the debt thus raised for this kind of investment will be put in as the in-secure loans and will be not showed in the balance sheet of the company.
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