India: Ashapura to invest 42 billion rupees(USD 864MILLION) in alumina project

How are they going to feed this project??....do they have the plant yet??

Thursday, Feb 05, 2009

"Mining firm Ashapura Minechem Ltd said on Tuesday it plans to invest 42 billion rupees(USD 864Million) to set up an alumina refinery and aluminium smelter in Maharashtra.

The investment includes setting up a captive power plant for 13.2 billion rupees,(USD 271.4Million) the company said in a statement.

The alumina refinery will have a capacity of 0.5 million tonnes, while the aluminium smelter will produce 0.15 million tonnes of the metal, it said.

The firm, however, had not evaluated its funding options for the project, Managing Director Chetan Shah told a news conference.

Shares in the firm ended down 0.25 percent at 20 rupees on relatively low volumes in a strong Mumbai market.

Published by: Project News