Hindalco to Invest in New Battery Foil Facility
Hindalco Industries, a key player in aluminium rolling and recycling, has announced its plan to invest Rs. 800 crore (approximately $95,939,200) in setting up a new battery foil manufacturing facility in Odisha. This initiative is part of the company’s strategy to tap into the burgeoning electric vehicle market in India.
Facility Commissioning and Production Capacity
The manufacturing unit, scheduled to be commissioned by 2025, will be located in Sambalpur, Odisha. Initially, the plant is set to produce 25,000 tonnes of battery foil, a crucial component for Lithium-ion and Sodium-ion cell production.
Share Market Response
Following the announcement, Hindalco Industries’ shares reached a 52-week high, trading at Rs. 538.70 ($6.46) per share on the Bombay Stock Exchange (BSE) at 11 am on Tuesday.
Emerging Market in EV Sector
This investment reflects Hindalco’s commitment to expanding its footprint in the rapidly evolving electric vehicle sector in India. The new facility in Odisha represents a significant step in meeting the increasing demand for battery-related components in the region.