Bloomberg reported that Vedanta Resources, India’s biggest aluminum producer, plans to spend INR 35 billion to increase capacity by 50% this fiscal year to tap rising prices and demand.
Mr Mukesh Kumar COO at Vedanta Aluminum said that smelting capacity at the Jharsuguda plant in the eastern state of Orissa will rise to 750,000 tonnes by March 31. The additional capacity will be fed by alumina imports from China or Australia.
Rising incomes and public works spending in China and India, the world’s fastest growing major economies, are driving global consumption of aluminum used in everything from aircraft to beverage cans and buildings. Japan, Asia’s largest aluminum importer, is placing more orders as the nation rebuilds from its worst earthquake and tsunami.
Vedanta, controlled by billionaire Mr Anil Agarwal fell as much as 1.1% to 2,022 pence in London trading and was at 2,024 pence as of 8:17am local time. The shares have declined 19% this year compared with 1.1% drop in the benchmark FTSE 100 index.
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