Kumar Mangalam Birla to spend $7.2 bn on aluminium demand bet

Birla-owned Hindalco Industries will invest the amount mainly across its businesses in India and North America

Hindalco Industries Ltd. will spend as much as $7.2 billion to expand its aluminium business over the next five years, as global supply shortages and strong demand prospects push prices toward unprecedented levels.

The company owned by billionaire Kumar Mangalam Birla will invest the amount mainly across its businesses in India and North America. It has set aside about $2.4 billion for its Indian aluminium operations during the five years ending March 2027 as it expects consumption to double in the next decade, it said in an investor presentation.

Unit Novelis Inc. will invest as much as $4.8 billion in the U.S.,