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Hindalco's new solar plant set for Gujarat

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Synopsis:

Hindalco Industries is exploring the setup of a solar modules manufacturing plant in Gujarat, aiming to support India's 2030 clean energy goal.

Hindalco Industries news today

Hindalco Industries, India's second-largest aluminium manufacturer, is reportedly planning to set up a solar modules manufacturing plant in Gujarat. This development marks a strategic move towards diversifying into the renewable energy sector.

HINDALCO INDUSTRIES LTD

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662.1-6.60 (-0.98 %)

Updated - 13 December 2024
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Planning and site selection

According to sources, Hindalco has identified a potential site for this venture in the port town of Mundra, Gujarat. The company is currently evaluating a comprehensive five-year plan to enter the competitive solar module manufacturing market. The project, still awaiting board approval and finalisation of capital expenditure plans, signifies a major shift towards sustainable production practices.

Strategic expansion into green energy

This initiative could represent Hindalco's first significant venture into the manufacturing of green energy components. In 2022, Hindalco made headlines by signing a collaboration with Greenko Group, aiming to develop solar and wind capacities to power its aluminium smelter operations. The move towards manufacturing solar modules aligns with the company's strategy to incorporate renewable energy sources into its operations.

Industry and market context

Hindalco's move comes at a time when India's push for renewable energy is gaining momentum. The government aims to boost the country's clean energy capacity to 500 gigawatts by 2030. Major players like Reliance Industries and Tata Power are already advancing their capabilities in solar module production. Reliance is expected to commence production at its Jamnagar Giga factory later this year, while Tata Power has been actively producing solar modules and cells at its facilities.

Impact on Hindalco's market presence

The establishment of a solar modules plant could significantly enhance Hindalco's position in the renewable energy market, adding to its extensive portfolio in aluminium manufacturing. This diversification could potentially open up new revenue streams and reduce the carbon footprint of its operations, aligning with global sustainability goals.

The company's proactive approach to embracing renewable energy components demonstrates its commitment to innovation and sustainability in the heavy industries sector. As Hindalco progresses towards finalising its plans, the industry watches closely, anticipating the impact of this new venture on the competitive landscape of renewable energy in India.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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