Hindalco Industries said on Dec 12 it will invest 8 billion rupees ($96 million) to set up an aluminum battery manufacturing plant to expand into the electric vehicle market in India, the world's third-largest auto market.
This plant, which is scheduled to be completed in eastern Odisha, will start operations in July 2025 and will produce 25,000 tonnes of aluminum alloy, a key component of lithium-ion batteries, essential for secondary batteries used in electric vehicles ( EV), the Aditya Birla Group company said in a statement.
Hindalco Industries Limited, an Indian aluminum and copper manufacturing company, is a subsidiary of Aditya Birla Group. Based in Mumbai, Maharashtra, India.
On 11 February 2007, the company entered into an agreement to acquire the American company Novelis for US$6 billion, making the combined entity the world's largest rolled aluminum producer. In 2007, Novelis was the world's largest producer of rolled aluminum and a major recycler of aluminum cans. On 15 May 2007, the acquisition was completed, with Novelis shareholders receiving $44.93 per outstanding share of common stock.
Hindalco, through its wholly owned subsidiary AV Metals Inc., acquired 75,415,536 common shares of Novelis, representing 100 percent of the issued and outstanding common shares. Immediately after closing, AV Metals Inc. transferred the common shares of Novelis to its wholly-owned subsidiary AV Aluminum Inc.