NEW DELHI (PTI): An Indian aluminum firm will shortly launch its 110 million dollar euro equity issue to raise capital for its massive 10 billion rupees expansion and modernization scheme.
The issue, in the form of global repository receipts, would be launched at the Luxemburg stock exchange, in the last week of June or first week of July this year, Hindalco industries limited President A.K.Agarwala said.
Hindalco, one of the largest producers of integrated aluminum in the country, will be the third Indian company to enter into the international equity market, he Said, The other two companies is corporate giants: reliance and Grasim.
He Said’ the primary reason for his Company entering into the international market was to keep in tune with the ongoing economic liberalization.
Giving an outline of Hindalco’s expansion and modernization project, he said in order to maintain its leadership in the domestic market and to maximize the exports, the company had finalized the expansion and modernization scheme to be completed by middle of 1996,
Agarwala said the Hindalco would increase its alumina production capacity from three lakh tons per annum to 3.5lakh tons by end of this year.
Under the expansion program, the smelter capacity of 40,000 tons per annum would be increased to 210,000 tons by installing power efficient plotline based on the latest technology and in-house research and development.
Agarwala said as a part of the overall scheme to modernize the fabrication facilities, a new and modem cold rolling mill is being installed and it is likely to be commissioned by July this year.
He said the company would also set up a 5000 ton aluminum foil plant.
Article extracted from this publication >> June 25, 1993
