Hindalco gears up to set up `730-cr plant in Silvassa

New Delhi: Aditya Birla group firm Hindalco Industries on Monday said it plans to set up a 34,000-tonne aluminium extrusion plant at Silvassa, in Dadra and Nagar Haveli union territory, at an investment of Rs 730 crore.

In a regulatory filing, Hindalco said the new plant will service the fast-growing market for extruded aluminium products in the western and southern regions.

Hindalco said the Rs 730-crore project in Silvassa signals a big step forward in Hindalco's downstream strategy as the company revives its long-term downstream investment plan. The company said its intent is to build a larger value-added product portfolio over the next few years.

"This investment indicates confidence in the economic revival, which in turn will grow the demand for downstream value-added products," the company added.