Ashapura plans 2 aluminium smelters

MUMBAI: Ashapura Minechem, a major multi-mineral solutions provider, has formed a 50:50 joint venture (JV) with the Adani group to set up an alumina refinery in Bhuj in Gujarat at an estimated cost of Rs 3,500 crore. The Bhuj refinery will have a capacity of one million tonne per year. Its power requirement is expected to be 1,000 mw, which will be served by a plant being set up by the Adani group in the region. The project was planned a few years ago but was delayed due to “unavoidable” reasons and has undergone some changes subsequently, an Ashapura official said on condition of anonymity. The official said that the project would have been up and running by now if it wasn’t for certain hindrances. The refinery’s construction is now set to begin by January 2009 and be completed by mid-2010. The official said, “We had selected a Chinese company as our technology partner when the project was planned and that company is still on-board. However, Adani group has replaced another Chinese company we had signed on for our energy requirements.” He added that Adani is launching a major power project in the area. “That’s why we have formed the 50:50 JV with them,” the official said. With two proposed alumina smelters, Ashapura is betting big on this segment. Source: www.dnaindia.com