Hindalco expects Utkal, Mahan projects to start by April
MUMBAI Feb 8 (Reuters) - India's Hindalco Industries expects production to start at its Utkal and Mahan plants by April, Managing Director Debu Bhattacharya told reporters after announcing December quarter results on Friday.
The aluminium and copper producer, part of the diversified Aditya Birla Group, is setting up an alumina plant at Utkal, which will feed the Mahan plant, which will manufacture aluminium.
Hindalco is in the midst of trebling aluminium capacity to 1.9 million tonnes by 2013 at a cost of about $5 billion.
Earlier on Friday, Hindalco beat estimates with quarterly net profit of 4.3 billion rupees ($80 million) for its Indian operations, down 4 percent from a year earlier. Net sales rose 3 percent to 67.9 billion rupees.. (Reporting by Prashant Mehra; Editing by Anand Basu)
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India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. Full Article