Hindalco Industries plans to raise Rs 5,000 crore to refinance high cost debt, for which State Bank of India(SBI) may be appointed as lead manager, exclusive sources told CNBC-TV18. Currently, the aluminium maker has a debt of around Rs 13,000 crore.
Of the total, the company will raise Rs 2,000 crore by issuing bonds which will hit the market by September quarter. It will borrow loans of about Rs 3000 crore to repay high cost debt at its Utkal Alumina. The Aditya Birla group company plans to double capacity to three million tonne at this unit.
The Utkal Alumina unit is a greenfield project, a wholly owned subsidiary of Hindalco. Construction of 1.5 million tonne alumina refinery at Rayagada, Orissa is in full swing. Over 85 per cent of the project cost has already been committed. Land and all statutory clearances required for the project have been obtained. Engineering for the project is nearing completion, states the company on its website.
Last year, the company had raised Rs 4,500 crore by selling bonds in three phases.
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