Hindalco plans to raise $1.77 billion debt for Orissa project

Non-ferrous metals producer Hindalco Industries plans to shortly raise debt of around Rs80 billion ($1.77 billion) for its Aditya Aluminium project in Orissa, finance head Sunirmal Talukdar said on Monday.                                           

The company is setting up an alumina smelter and a captive power plant in Orissa as part of the project. In March, Hindalco signed a rupee loan agreement for the entire debt of Rs78.75 billion for the $2.4 billion Mahan aluminium smelter and power plant project in central India.