Madras Aluminium cuts production by 60%

Madras Aluminium has temporarily reduced its aluminium production by 60% on account of falling aluminium prices at the London Metal Exchange and higher input costs/cost of production.

In a notification to Bombay Stock Exchange, the company said that the alumina refinery will continue to operate at its optimal capacity.

The company has also decided to sell surplus power generated from its captive power plant to third parties within Tamil Nadu. It has received necessary approval from Tamil Nadu Electricity Board to sell the power.

Also, the management control of India Foils has been transferred to ESS DEE Aluminium as per the rehabilitation scheme approved by the Board for Industrial and Financial Reconstruction.