BEIJING: The biggest Chinese investment in India is set to take place in the aluminium sector. A Chinese company is buying 50% stakes in a new $651 million aluminum project of Ashapura Minechem in western India.
Qingtongxia Aluminium Group, the Chinese firm, has just obtained approval from the National Development and Reforms Commission, which is the country's top planning body.
The proposed facility, which is China's first investment in India's aluminium sector, will have an annual capacity of 1 million tonnes annually, according to the report.
Qingtongxia has an annual production capacity of 4,30,000 tonnes of primary aluminium, which needs 9,00,000 tonne of alumina a year. China has been scouting around the world to meet its growing need for mineral resources.
Chinese investments in India has so far been on a limited scale. But several Chinese firms are working on plans to set up plants in India soon.
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