Hindalco Industries is likely to start operations at its greenfield Utkal Alumina project before June 2012. The Norsk Hydro, Alcan and Indal (earlier promoted by Alcan) in 1992 started the 1.5 million tonne alumina refinery project, as a Rs 4,400 crore joint venture.
The project was unable to take off due to opposition from locals on concerns over displacement and environmental damage to the area. But the company is confident of bringing it on stream soon. The refinery will be ready by September or October 2011, but it got delayed because of company’s problems with its contractors.
Utkal has been a very promising project since it was announced, but the company has really gone slowly on it. Last year, it had mention that it will be ready by July 2011, and now it has postponed the date further. Once the project is ready, the alumina from the refinery will be sufficient to feed the other two upcoming Mahan and Aditya smelters, the other two greenfield projects. By 2016, when all the projects of the company come on-stream, the company will be one of the lowest cost producers of the aluminium and will also be largely isolated from LME price volatility.
For the year ended March 2011, the company posted consolidated revenues of Rs 72,078 crore, a jump of 19% over last financial year.
| Company Name | CMP |
|---|---|
| Hindalco | 1017.00 |
| Vedanta | 772.40 |
| Hindustan Zinc | 587.90 |
| Jain Resource Recycl | 419.00 |
| Gravita India | 1651.00 |
| View more.. | |
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