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New Delhi: Hindalco Industries, world’s largest aluminium company by revenues and Aditya Birla Group’s metals flagship, is going to invest a whopping USD 8 billion for the next five years in India and Novelis together as part of its capital expenditure plan. The information was announced by Chairman Kumar Mangalam Birla on Tuesday.
In the minutes of the annual general meeting, the Chairman said that all these investments are directed towards the company’s focus on transformational organic growth through expansion in the downstream businesses in Novelis and India. This investment includes Novelis’ identified more than USD 4.5 billion worth of potential organic opportunities to serve the growing demand for sustainable aluminium products.
Headquartered in Atlanta, Georgia, Novelis is the world’s largest rolled aluminum producer in terms of volume shipped and operates 33 manufacturing facilities in nine countries on four continents, with nearly 15,000 employees.
“With a strong balance sheet, the company announced a total capital expenditure of nearly USD 8 billion to be spent over the next five years in India and Novelis together. In the India business, the company has announced a capex investment of around USD 3-3.3 billion that shall be allocated to high growth downstream projects in the growing segments of EVs, e-mobility, packaging, batteries, building and construction, and consumer durables,” Birla added in his address to the stakeholders.
A USD 26 billion metals powerhouse, Hindalco developed a new patented aluminium busbar alloy BB590 in association with Renukoot FRP for application in two-wheeler electric vehicles.
“Actual application has shown a consistent 25% increase in wire pull-off load in assembly, thereby improving the reliability of the battery pack. We are currently manufacturing busbar prototypes for testing at battery pack level. We are seeing increased demand for aluminium for electric vehicles as the metal’s lighter weight can result in extended battery range.” the company said in its annual report of financial year (FY) 2021-2022.
In addition, the Mumbai-based firm intends to achieve a renewable capacity of 300 MW by FY2024-25, including 100 MW solar power capacity with hybrid storage.
On the battery manufacturing front, the company has signed an MoU with Phinergy, a leading Israel-based pioneer in metal-air battery technology, and IOC Phinergy Private Limited (IOP) – a joint venture between Phinergy and India’s leading energy PSU Indian Oil Corporation in July. As per the MoU, Phinergy and IOP will partner exclusively with Hindalco in India, on research & development and pilot production of aluminium plates for Aluminium-Air batteries, and recycling of aluminium, after usage in these batteries.
According to the company, Aluminium-Air batteries offer a viable alternative to other battery chemistries and will boost the domestic manufacturing of batteries to meet India’s growing demand for energy storage.
The company closed FY22 with a revenue of INR 1,95,059 crore as against INR 1,31,985 crore in FY21. Hindalco’s EBITDA for FY22 stood at INR 30,056 crore, up 59% compared with INR 18,896 crore in FY21. Hindalco operates 47 units in 10 countries and includes a workforce of nearly 40,000 across the globe.
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