Ashapura to invest 42 bln rupees in alumina project

MUMBAI, Feb 3 (Reuters) - Mining firm Ashapura Minechem Ltd (ASHM.BO: Quote, Profile, Research) said on Tuesday it plans to invest 42 billion rupees to set up an alumina refinery and aluminium smelter in Maharashtra. The investment includes setting up a captive power plant for 13.2 billion rupees, the company said in a statement. The alumina refinery will have a capacity of 0.5 million tonnes, while the aluminium smelter will produce 0.15 million tonnes of the metal, it said. The firm, however, had not evaluated its funding options for the project, Managing Director Chetan Shah told a news conference. Shares in the firm ended down 0.25 percent at 20 rupees on relatively low volumes in a strong Mumbai market.