Hindalco Industries production to reach full capacity by H2/FY21
It completed the buyout of Aleris Corp by its wholly-owned subsidiary Novelis
Hindalco Industries upstream plants are operating at near full capacity with all logistics infrastructure coming back on track.
At Novelis, Hindalco Industries wholly-owned subsidiary too all plants are operational, and many are now running at their full capacity. All the automotive customers in North America and China are now pulling at nearly pre-COVIDlevels.
The company's capital expenditure guidance for FY21 with Novelis’ capex is fixed at USD 450-USD 500 million and Hindalco Industries domestic capex at Rs 1,500 crore.
Hindalco Industries completed the buyout of Aleris Corp by its wholly-owned subsidiary Novelis at an enterprise value of USD 2.8 billion (Rs 21,295 crore) in April 2020. The divestment procedures for Aleris’ automotive assets are underway.
This acquisition will add aerospace and speciality aluminium capabilities to Novelis’ portfolio.