Novelis Inc, a wholly-owned subsidiary of Hindalco Industries, will invest $ 365 million to build the recycling plant to reduce the its carbon footprint, the company has said
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The share price of Hindalco Industries, the flagship metals company of the Aditya Birla Group, gained more than 2 percent in the morning trade on January 12 after its subsidiary announced a plan to build an automotive recycling centre in the US.
Novelis Inc, wholly-owned subsidiary of Hindalco Industries, will invest $ 365 million to build a highly advanced recycling center for automotive in North America, the company said in its release.
“With an annual casting capacity of 240 kt of sheet ingot, we expect the facility to reduce the company’s carbon emissions by more than one million tons each year,” it added.
The recycling facility would be built adjacent to Novelis’ existing automotive finishing plant in Guthrie, Kentucky, the company 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,” Novelis President and CEO Steve Fisher said.
“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,” he added.
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At 09.41 am, Hindalco Industries was quoting at Rs 497.25, up Rs 11.30, or 2.33 percent, on the BSE.
The share touched a 52-week high of Rs 551.65 on October 18, 2021 and a 52-week low of Rs 221 on January 28, 2021. It is trading 9.86 percent below its 52-week high and 125 percent above its 52-week low.
