HINDALCO close to financial closure for Utkal Alumina

BS reported that Hindalco Industries is expected to attain financial closure of its proposed 1.5 million tonne Utkal Alumina refinery project in 3 months. The official said that “We have no problem of funding. We have the money and most of our projects are Greenfield. So, they will take place over a period of time. We are not putting our projects on the backburner.” According to initial estimates, the Utkal project, which was earlier a JV with Canada based Alcan, was to cost INR 4,500 crore. Alcan exited the JV in July 2007. Hindalco said that it would need to increase INR 25,000 crore for its expansion plans over 5 years for expanding aluminium and copper capacity by nearly 3 times. The loans, with 5 to 7 years tenure have been tied up at around 12.5%. (Sourced from Business Standard)