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Hindalco to raise Rs 7,500 cr debt for Mahan Aluminium

Hindalco Industries Ltd. | Metal - Non Ferrous | Metals & Mining | BSE: 500440 | NSE: HINDALCO

25 May 2010 Evaluate

The A V Birla Group’s flagship company, Hindalco Industries, plans to raise about Rs 7,500 crore of debt under the project finance route to achieve financial closure for Mahan Aluminium, its new factory project. Mahan is a smelter-power plant complex of a 359-ktpa aluminum smelter and a 900-Mw captive thermal power plant in Madhya Pradesh, to be ready by September 2011. The project has a total capital expenditure plan of Rs 9,200 crore. The company plans to give the mandate to the banks in the next month, according to sources. Once the debt syndication is launched, it is expected to take about two months to tie up the fund.

Hindalco plans to set up five projects in two phases at the cost of Rs 40,000 crore in the next three years. In the first phase, it will set up one refinery and two smelters. First is Utkal Alumina Refinery, a 1.5-million tonne per annum (mtpa) project in Orissa, to produce alumina from bauxite and expected to be ready by September 2011. The alumina, raw material for producing aluminium, will be then fed to two smelters, Mahan Aluminium and Aditya Aluminium.

Hindalco plans to fund 30 per cent of its total capital expenditure through equity infusion and internal accruals. It raised Rs 2,900 crore by selling fresh equity in a qualified institutional placement in November. It is now tying up the debt component for these projects.

The financial closures for Utkal Alumina Refinery was achieved recently, with raising of Rs 4,900 crore of debt out of the total project cost of Rs 5,600 crore. Now, it is the turn of Mahan Aluminium, as both projects are linked and are scheduled to be completed in September 2011.

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Hindalco Share Price

1038.95 -0.70 (-0.07%)

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Company Name	CMP
Hindalco	1038.95
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Hindalco to raise Rs 7,500 cr debt for Mahan Aluminium

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