Hindalco to invest Rs 3,500 crore in Gujarat

Hindalco Industries will invest Rs 3,500 crore in Gujarat to set up the country's biggest aluminum extrusion and aluminum recycling plants in Kutch, the state government said after signing a Memorandum of Understanding (MoUs) with one of the largest aluminum producers in Asia.

The government said in a communique that the Aditya Birla Group will invest Rs 2,000 crore in two phases for setting up the 1.50 lakh tonne per annum aluminum extrusion plant. The 3 lakh TPA aluminum recycling plant will be set up in three phases with an investment of Rs 1,500 crore. "The two plants will create 3,000 direct employment opportunities," the communique read.

The MoUs were signed by industries secretary MK Das and Hindalco's managing director, Satish Pai in the presence of Chief Minister Vijay Rupani.

The chief minister held discussions with the company's senior officials on setting up a desalination plant, to meet the two plants' water requirement, on a PPP model with the state government.

In another development, Gulf Petrochem Group, which operates in the downstream and midstream sectors in oil and energy sector, has submitted an Expression of Interest for setting up a bitumen refinery in the state with an investment of $500 million or approximately Rs 3,600 crore.

Its officials had a detailed meeting with MK Das and Gujarat Maritime Board VC & CEO Mukesh Kumar on various potential locations along the state's coastline.

Das told DNA that Gulf Petrochem Group will sign a MoU with the state government in the next two weeks.

BUSINESS AS USUAL

The investment is aimed at installing the country’s largest aluminium extrusion and aluminium recycling plants in Kutch. Aditya Birla Group will invest Rs 2,000 crore for the extrusion plant