Hindalco Industries will be investing up to Rs 2,000 crore to set up a "first of its kind" of copper and e-waste recycling unit in India, announced Kumar Mangalam Birla, the company's chairman, while addressing its 64th annual general meeting (AGM) on August 22.
"I am delighted to announce that your company is making an investment of Rs 2,000 crore to establish the first of its kind Copper and E-waste recycling facility in India. This move addresses the mounting challenge posed by e-waste, recognised as the foremost waste stream on a global scale," Birla said in his keynote address.
At present, due to lack of advanced metal extraction and refining technologies domestically, a substantial volume of e-waste - considered as the foremost waste stream on a global scale - is exported to other nations, he pointed out.
"Bringing this cutting-edge technology to India marks a transformative step towards offering a tangible solution, aligned with your Company and our nation’s circular economy agenda," the Hindalco chief noted.
Birla added that Novelis, the company's US-based subsidiary, recycled 2.3 million tonnes of aluminium scrap and increased the recycled content in its products to 61 per cent (up from 57 per cent in FY22). "This achievement firmly sets Novelis apart from its peers with a recycled content rate more than double its nearest competitor."
At Hindalco, 90 percent of the company's waste is being utilised across its sites in India, Birla claimed, adding that in fiscal 2023, "we have utilised over 100 per cent of fly ash, and the bauxite residue from three of our four alumina refineries", and achieved "SUP-free certifications at 14 Indian sites and is working towards water positivity in all mines by 2025".
Hindalco’s renewable energy integration has increased by over 54 percent in FY23 and currently stands at 150 MW against the company's target of 300 MW by 2025, he further noted.
Green transportation
Birla, in his speech, stressed that Hindalco is "going all out" to support the Railways’ carbon reduction goals. The company has already commercialised India’s first all-aluminium light weight rake which is not just enabling higher speed and more payload per trip, "but will save over 14,500 tonnes of CO2 over its lifetime", he said.
Furthermore, Hindalco plans to introduce three more designs of freight wagons in the coming months targeting specific end use applications including bagged cement, and foodgrains, Birla added.
The company will partner with Indian Railways for developing the passenger coach manufacturing ecosystem of the high-speed Vande Bharat trains, he said. "An investment of Rs 2,000 crore is planned for the project and technology tie-ups are in place to bring new extrusion and fabrication technologies to India."
Hindalco is also focussed towards the electric vehicle (EV) manufacturing space in India, as the company is working closely with original equipment manufacturers (OEMs) to "co-develop and manufacture critical components like battery enclosures, motor housings, busbars, structural and safety components, lightweight load bodies", Birla pointed out.
Hindalco's projects for battery foils, coated aluminium fins, aerospace grade extrusions are "also on track", making the company an "ideal partner for multiple industries" to support their new product development and make in India initiatives, he stated.
Key role in Amrit Kaal
Birla said that Hindalco will be playing a key role in India's emergence as a manufacturing powerhouse during the Amrit Kaal or the 25-year period leading to the 100th year of the country's independence in 2047.
During the same period, the company would transform from being a metals manufacturer to a metal solutions provider, he added.
"As Hindalco advances from a manufacturer of metal to a provider of metal solutions and as our nation enters the next 25 years of Amrit Kaal, I am confident that Hindalco’s commitment to innovation and transformative solutions will not only shape the trajectory of your company but also contribute significantly to India's growth and global recognition as a manufacturing powerhouse," Birla stated.
The Hindalco chairman's statement came days after the company reported a consolidated net profit of Rs 2,454 crore in the June 2023 quarter, which was 41 percent lower as against Rs 4,119 crore reported in the year-ago period. The profit, however, was two percent higher sequentially.
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