A plan to sell a piece of land in Kalwa, Maharashtra, for 595 crore has been authorised by the board of directors of Hindalco Industries Limited. The property piece is 12.95 acres in size and is situated in the Kalwa MIDC region. The property tract will be sold as part of Hindalco’s plan to concentrate on its core activities and pay down debt. Debt repayment and other basic company purposes will be covered by the sale’s revenues.
A major copper and aluminium manufacturer on the planet is Hindalco Industries. Aluminium, copper, speciality goods, and packaging are just a few of the company’s many commercial ventures. Over 30 nations are served by Hindalco, which has its headquarters in Mumbai, India. The shareholders of Hindalco Industries must provide their consent before the land lot may be sold. The deal is anticipated to be completed by the corporation in the upcoming months.
Despite the volatile market, Hindalco Industries’ shares rose sharply and ended the day in the black. The sensex closed at 65,393.90, down 223 points or 0.34 percent, while the shares completed the day at 424.65 rupees per share.
By the middle of FY25, the Silvassa extrusion facility is anticipated to operate at maximum capacity (30kt). The copper smelter is shut down for maintenance and won’t return until mid-June 2023, which will hurt copper margins in Q1FY24. Despite lower volumes, the company’s financial performance was subpar because of the dire macroeconomic conditions. In Silvassa, the business has committed Rs. 609 crore to build new extrusion machines with a 34 KTPA capacity. By purchasing the Kuppam facility for Rs. 247 crores in enterprise value and Ryker Base Private Limited, now known as Asoj, for Rs. 323 crores in enterprise value, the firm has expanded in size.
The Aditya Birla Group’s flagship business in the metals sector is Hindalco Industries Limited. With a market cap of USD 26 billion, Hindalco is the market leader in copper and aluminium.
