Hindalco Industries, an India-based metals and mining conglomerate, held an analyst meet recently to discuss capex plans for the company’s aluminium and copper business in India and the potential near-term headwinds at subsidiary Novelis. During the meeting, it came to light that there could be potential pressure on the novelis business due to de-stocking of beverage cans and a slowdown in the specialties segment. The company nevertheless reaffirmed its FY24 profitability guidance for Novelis, despite these near-term pressures.
As per the recent update, Hindalco stated that it will be prioritising capex spend as per cash flows, with a focus on value-added products in India’s aluminium and copper business. This news is likely to be positive for the Hindalco in the longer term.
Hindalco Industries was founded in 1958 and is headquartered in Uttar Pradesh, India. The company is amongst the leading players in the aluminium sector in India and is the country’s leading primary producer of aluminium and copper. The company’s core operations span aluminium, copper, and business operations segments, as well as certain joint operations with Aditya Birla Group. The company’s core products include aluminium flat rolled products, carbon products, and wire rods.
Anil Kumar Agarwal is the Chairman & Non-Executive Director of Hindalco Industries. He is an Indian industrialist and previously served as the Chief Executive Officer and Managing Director of the company leading it to success through his extensive experience and knowledge in the industry. He has over 25 years of experience in the aluminium and other industries. He is known as an astute businessman and was awarded the Padma Shri in 2009.