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Hindalco Industries Limited an Indian aluminum and copper manufacturing company, and a subsidiary of the Aditya Birla Group acquired 26% stake in Ayana Renewable Power (ARPFPL) a renewable energy company. The stake hold is a mandatory requirement when a firm contracts with an IPP for captive power requirements from a dedicated project. IPPs incorporate special purpose vehicles or subsidiaries for the purpose.
Hindalco said, The scope of acquisition is to develop and operate captive power generation plant to supply 100 MW round-the-clock renewable energy to Hindalcos smelter located in Odisha. ARPFPL was incorporated on 15 October 2019 and is engaged in generation and supply of power."
Pursuant to the said acquisition, "ARPFPL has become an associate company of Hindalco Industries. Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the worlds largest aluminum company by revenues, and a major player in copper. It is also one of Asias largest producers of primary aluminum."
Last year, C4V, a firm specializing in Li-Ion battery technology based in the United States, has entered into a Memorandum of Understanding (MOU) with Hindalco Industries. This agreement focuses on producing and delivering aluminum foils, coated foils, and structural components specifically tailored for Li-ion cells, serving the expanding market for EV battery materials. The collaborations primary objective is to streamline the creation and distribution of vital components necessary for Li-ion cells. This endeavor addresses the increasing need for EV battery materials within the Indian market.
Outlined within the MOU is a comprehensive plan for partnership between C4V and Hindalco. This plan includes Hindalco supplying up to 2,000 tons of battery foil to C4V over a span of five years. Moreover, apart from the supply arrangement, the partnership outlines a strategic road map. This road map concentrates on joint efforts in materials and technology development. The strategic alignment seeks to meet the dynamic requirements of the Indian EV market, emphasizing the significance of local manufacturing and specialized knowledge. |
