Hindalco in process of bidding for 2 nickel, cobalt mines: MD

Aditya Birla Group firm Hindalco Industries on Friday said it is in the process of bidding for two nickel-cobalt mineral blocks in Maharashtra and Karnataka.

Speaking to the media, Hindalco Industries Managing Director Satish Pai said the company is not scouting for any critical mineral blocks overseas as there are a lot of blocks that have been put up for sale in India. "We are bidding for two nickel cobalt mines," he said. Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are essential components in many of today's rapidly growing clean energy technologies -- from wind turbines and electricity networks to electric vehicles. "We are participating in those auctions. Because we believe there are quite a few interesting mines in India that have not been explored, so the government is coming up with nickel-cobalt mines, lithium mines, copper mines, and we are going to focus more on India than going overseas," he said. The company, he said, had bid for the lithium block but did not get it. "We are looking to all these critical mines activity in India... we have expertise," he said. Pai further said the company would not be bidding for any coal blocks as its further expansion will be in renewable power. The government has started the auction of 38 blocks of critical minerals. Hindalco Industries Ltd is the metals flagship company of the Aditya Birla Group.

Hindalco net profit rises 32% to Rs 3,174 cr

Aditya Birla Group's metal flagship Hindalco Industries on Friday reported a 31.6 per cent rise in consolidated net profit at Rs 3,174 crore for the quarter ended March 31, 2024, on the back of stronger margins and volumes across aluminium and copper business segments. The company had posted a net profit of Rs 2,411 crore in the January-March period of FY23, Hindalco Industries said in a filing to BSE. Total income during the quarter under review rose to Rs 56,356 crore over Rs 56,209 crore in the year-ago period. "Consolidated PAT in Q4 FY24 was Rs 3,174 crore compared to Rs 2,411 crore in Q4 FY23, up by 32 per cent Y-o-Y," the company said in a statement. Hindalco concluded the year with very strong results across all business segments. This was a clear testament to its strategic focus on value-added products and margin improvement, Hindalco Industries Managing Director Satish Pai said. Hindalco is the world's largest aluminium company by revenues and a major player in copper. It caters to more than half of the India's copper

requirement.