Hindalco’s share price jumped 3.3% in trade on Wednesday as the metal firm announced a Rs 4,000 crore investment plan to establish an extrusion facility for freight wagons and coaches as well as a copper and e-waste recycling plant at the company’s 64th annual general meeting on Tuesday. On the back of this news, Nifty Metal also saw a gain of over 1% intraday.
At the 64th Annual General Meeting (AGM), Kumar Mangalam Birla announced the company’s intention to invest Rs 2,000 crore in establishing a new extrusion unit dedicated to the production of freight wagons and the esteemed Vande Bharat train coaches. Additionally, Birla mentioned a commitment of another Rs 2,000 crore towards the creation of a copper and e-waste recycling center in India.
“At present, due to the lack of advanced metal extraction and refining technologies domestically, a substantial volume of e-waste is exported to other nations. Bringing this cutting-edge technology to India marks a transformative step towards offering a tangible solution, aligned with your company and our nation’s circular economy agenda,” Birla added. The hazardous nature of e-waste is compounded by improper handling leading to a significant loss of valuable materials, he said adding at present, due to a lack of advanced metal extraction and refining technologies domestically, a substantial volume of e-waste is exported to other nations.
At Hindalco, 90% of its waste is being utilised across sites in India. In fiscal 2023, the company utilised over 100% of fly ash, and the bauxite residue from three of its four alumina refineries, he said. Hindalco’s renewable energy integration has increased by over 54 per cent in FY23 and currently stands at 150 MW against 300 MW target by 2025, Birla said.
(With agency inputs.)