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May 2, 2001
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Money > Business Headlines > Report May 2, 2001 |
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Indal plans Rs 1-billion mop-up via ECBsRumi Dutta Indian Aluminium Company, the Aditya Birla group firm, is planning to raise Rs 1 billion by floating euro convertible bonds. The money raised would be utilised in the expansion of the Hirakud smelter during the current year. Senior company officials said: "We are looking at raising around Rs 1 billion through ECBs, provided we get a good coupon rate. We are also exploring the possibilities of raising the amount through domestic institutions." In case Indal is unable to get a suitable rate, the company would resort to internal accruals, they added. The company has also embarked on a Rs 2-billion capacity expansion plan. During the current fiscal, Indal will be spending Rs 1 billion in shifting 200 smelter pots from Belgaum to Hirakud which would increase the company's present capacity of 30,000 tonne to around 57,000 tonne. Around Rs 200 million would be invested in the ongoing Muri alumina refinery expansion and Rs 700 million in the upgradation and modernisation of the company. Besides, the company is looking at investing Rs 2.50 billion in setting up a 77 mw captive power plant at Hirakud. Meanwhile, in line with the company's strategy to exit non-core areas, the company has divested it entire 49.5 per cent stake in Indal Hydro Extrusions, a joint venture with Norsk Hydro of Norway, for a total consideration of Rs 50 million. The total aluminium production capacity of Indal is around 43,000 tonne, out of which 30,000 tonne is produced at Hirakud and 13,000 tonne at Alupuram in Kerala. Powered by YOU MAY ALSO WANT TO READ:
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