Hindalco Board To Meet On Friday, May Approve Raising of Rs 4,400 Cr Debt

Hindalco Board To Meet On Friday, May Approve Raising of Rs 4,400 Cr Debt

The board of Hindalco Industries, which is meeting on Friday, will consider company management’s proposal to raise up to Rs 4,400 crore via debt.

The board “will consider… to avail not exceeding Rs 2,400 crore working capital facility by way of commercial papers and unsecured debentures etc for aluminium business subject to necessary approval”, Hindalco Industries has informed the BSE.

The board will also consider availing “not exceeding Rs 2,000 crore working capital facility by way of commercial papers and unsecured debentures etc for copper business subject to necessary approval”, the filing added.

The meeting of the board of directors is scheduled for August 11. Hindalco, the metal flagship of the Aditya Birla Group, is the industry leader in aluminium and copper.

With a consolidated turnover of USD 17 billion, Hindalco is the world’s largest aluminium rolling company and one of Asias biggest producers of primary aluminium.

Its copper facility comprises a copper smelter and a fertiliser plant, along with a captive jetty, the website said. Its aluminium units across India cover a gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling.

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