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Hindalco Industries to invest Rs 800 cr in new battery foil plant in Odisha
Industry News- Dec 12,23
The new plant will augment the company's manufacturing capacity for high-quality aluminum foil, essential for rechargeable batteries, to cater to the rapidly expanding market for electric vehicles (EVs) and energy storage systems.
Hindalco Industries witnessed a surge of over 3% in its shares, reaching a 52-week high of Rs 538.50 on December 12, following the company's announcement of establishing a battery foil manufacturing facility in Odisha.
The company is set to invest up to Rs 800 crore in the new battery foil plant, slated for commissioning by July 2025. The initial production target for the plant is 25,000 tonnes of the resilient product crucial for Lithium-ion and Sodium-ion cells.
Strategically located alongside a 25 MW solar power plant, the factory can tap into additional solar energy from a 400 KV National Grid connection. This initiative aligns with the government's green agenda, aiming to reduce carbon emissions and foster sustainable growth.
Hindalco Industries' move to establish the battery foil manufacturing plant is in sync with its broader strategy to capitalise on the burgeoning electric vehicle (EV) market. The company is actively collaborating with original equipment manufacturers (OEMs) to co-develop critical components such as battery enclosures, motor housings, busbars, structural and safety components, and lightweight load bodies. Many of these components are being designed and developed for the first time in India.
Satish Pai, Managing Director of Hindalco Industries, highlighted the rising demand for battery materials driven by the optimistic outlook for the electric vehicle and grid storage sectors. Emphasising the importance of localising raw materials in strategic sectors, Pai stated that the investment in the new battery foil mill is a significant step toward building a self-reliant India.
The new plant will augment the company's manufacturing capacity for high-quality aluminum foil, essential for rechargeable batteries, to cater to the rapidly expanding market for electric vehicles (EVs) and energy storage systems.
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