Hindalco is doing well today, with the stock rising almost 3% to an intraday high at Rs.499.35 and is currently trading at Rs.497 levels.
The company announced yesterday night that its wholly owned subsidiary, Novelis will invest $365 million in building a highly advanced recycling center for automotive in the US. The new recycling facility will be built adjacent to Novelis’ existing automotive finishing plant in Guthrie, Kentucky. Groundbreaking is scheduled for early 2022, with commissioning expected in 2024.
With an annual casting capacity of 240 kt of sheet ingot, the company expects the facility to reduce its carbon emissions by more than one million tons each year. Novelis aims to be the world’s leading provider of low-carbon, sustainable aluminum solutions.
This announcement is on the heels of Novelis’ October grand opening of the automotive finishing plant in Guthrie.