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Hindalco tying up funds for Uktal Alumina financial closure

Hindalco Industries is raising around Rs.45000 million from a syndicate of banks SBI Capital Markets, IDBI and ABN Amro Banks. The company is spending around Rs.230,000 million in capital expenditure for new plants in Orissa, Madhya Pradesh and Jharkhand.

Safeguard duty imposed on aluminium

The Directorate General of Safeguards has initiated investigations on imported aluminium products in the country. This move is sought by NALCO, Hindalco, Madras Aluminiuum Co, BALCO and the application is filed on behalf of them by Aluminium Association of India. Madras Aluminium Co has shut its plant since December 2008 on account of increased imports. Based on this prima facie evident, safeguard duty is recommended for a period of 4 years on aluminium flat rolled products and aluminium foils. The rate will be 14% for the first year, 12% for second year and 10% for 3rd year and 8% for the fourth year.

Ashapura Aluminium plans to set up 500,000 tpa aluminium smelter plant

Ashapura Aluminium Ltd plans to set up 500,000 tpa aluminium smelter plant in Gudiyali in Mandvi Taluk in Kutch district of Gujarat with an investment of Rs. 60,000 million. The smelter unit will be set up at the alumina refinery complex in an area of 769 ha. The unit will consume Alumina (9,65,000 TPA), Cryolite (1020.00 TPA), Aluminum fluoride (11,240.00 TPA), Calcined petrolium coke (200,008.00 TPA), coal tar pitch (42,446.00 TPA) and fuel oil (33,600 TPA) as raw materials.

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