Hindalco plans to raise Rs 2450 crore
Hindalco, the flagship company of the Aditya Birla Group, is planning to get approval of shareholders to raise Rs 2450 crore in equity to finance its expansion plans.
The company expects its alumina project in eastern India to start production by 2011. This is Hindalco’s mahan aluminum project. At present Hindalco already is India’s biggest aluminium producer by sales.
The company is planning to mandate banks for the financial closure of this mahan project and land aquisition will be over by the third quarter of present fiscal.
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