Hindalco Industries rose 2.33% to Rs 497.25 after Novelis, the company's wholly owned subsidiary, said that it will invest $365 million to build a highly advanced recycling center for automotive in North America.
The new recycling facility, with annual capacity of about 240,000 metric tons of sheet ingot, will be built adjacent to Novelis' existing automotive finishing plant in Guthrie, Kentucky.
The center will enable Novelis to grow its closed-loop-recycling programs with more automotive customers in North America. Using recycled aluminum as input material requires only 5% of the energy used to make primary aluminum, thus avoiding 95% of the carbon emissions associated with production.
Steve Fisher, President and CEO of Novelis, Inc., said: Novelis aims to be the world's leading provider of low-carbon, sustainable aluminum solutions that advance our business, industry and society toward the benefits of a circular economy. Through this investment, we will continue to increase the amount of recycled content in our products, reducing our CO2 emissions and moving us closer to carbon neutrality.
The aluminium recycling plant is expected to commence operations in 2024.
Novelis Inc. is a global producer of aluminum products and the world's largest recycler of aluminum. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate.
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