Shares of Hindalco Industries rose over 3 percent to hit a 52-week high of Rs 538.50 on December 12 after the company announced plans to set up a battery foil manufacturing facility in Odisha.
At 11.07 am, shares of Hindalco Industries were trading 2.6 percent higher at Rs 535.90 on the NSE.
Volumes in the counter also shot up as 36 lakh shares changed hands on the exchanges so far, higher than the previous day's volume of 28 lakh shares.
The company will deploy an investment of up to Rs 800 crore for the new battery foil plant which will be commissioned by July 2025. The plant will initially produce 25,000 tonnes of the resilient product which forms the backbone of Lithium-ion and Sodium-ion cells.
The factory will be located alongside a 25 MW solar power plant, and can access additional solar energy from a 400 KV National Grid connection. In the process, the project will also provide a thrust to the government’s green initiative to reduce carbon emissions and build sustainable growth.
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The plans to set up the battery foil manufacturing plant are aligned with the company's strategy to tap into the fast-growing electric vehicle (EV) market.
Additionally, the company is also working closely with original equipment manufacturers (OEMs) to co-develop and make critical components like battery enclosures, motor housings, busbars, structural and safety components, and lightweight load bodies, many of which are being designed and developed for the first time in India.
“We are seeing a fast traction in battery materials demand, driven by an impressive outlook for the electric vehicle and grid storage sectors. Raw material localisation is critical in such strategic sectors,” said Satish Pai, managing director, Hindalco Industries.
“Hindalco is thus making various investments in battery materials and technologies towards building Atmanirbhar Bharat. Investment in this new battery foil mill is another such step in this direction.” Pai added.
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The new plant will help the company expand its manufacturing capacity of fine-quality aluminium foil that is used in rechargeable batteries to serve the rapidly growing market for electric vehicles (EVs) and energy storage systems.
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