Hindalco’s Aditya Aluminium to raise Rs 8000 cr, Mahan closes fund raising

AV Birla Group’s flagship company Hindalco is planning to raise Rs 8000 crores for Aditya Aluminium project, sources said. The fund raising is expected to close in Q1FY12. This comes soon after the financial closure of the Mahan project. Hindalco is on a fund raising spree to put all their domestic projects on a fast track.

Hindalco signed the fund raising for Mahan project today, the company raised Rs 7875 crores at 10.20% interest rate. 31 banks arranged funds for the aluminium project. Hindalco sources said, “This issue was over subscribed, we are very positive on the Aditya Aluminium project as well since it is a replica of the Mahan project.”

Aditya Aluminium aims at setting up a 359 ktpa smelter capacity at Lapanga in Orissa. 900 MW captive power capacity is also part of the project. The Aditya Alumina project includes a 4.2 mtpa bauxite mine, 1.5 mtpa alumina refinery at Kansariguda.