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Prabhudas Lilladher Report
Hindalco Industries Ltd. hosted analyst meet to explain its capex programs and capital allocation policy over next five years. Given the strong balance sheet and steep reduction in leverage, announcement of large capex in both Novelis and India was expected for last couple of quarters.
The major chunk of capex (~75%) in Novelis would be spent on 600 kilo tonne of integrated greenfield rolling and recycling mill in U.S. and 450 kt of brownfield rolling and recycling capacity in Brazil.
Post expansion, Novelis' rolling and recycling capacity would increase by 45%/50% to 5.8 million tonne/3.9 million tonne by FY27E.
In India, ~60% of capex would be spent on 180 kt brownfield aluminium smelter, one million tonne greenfield alumina refinery and development of recently acquired coal mines in Odisha.
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