Hindalco board to take up Rs 4,400 cr funds raising via debt
New Delhi: Hindalco Industries today announced that its board this week will consider raising 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 aluminum business subject to necessary approval", Hindalco Industries Ltd said in a filing to 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 aluminum and copper, according to the company website.
With a consolidated turnover of USD 17 billion, Hindalco is the world's largest aluminum rolling company and one of Asia's biggest producers of primary aluminum. Its copper facility comprises a copper smelter and a fertilizer plant, along with a captive jetty, the website said.
It's aluminum units across India cover a gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminum smelting to downstream rolling.