Hindalco Industries plans ₹800-crore capex to tap EV market

“We are seeing a fast traction in battery materials demand, driven by an impressive outlook for the EV and Grid Storage sectors. Raw material localisation is critical in such strategic sectors,” said Satish Pai, Managing Director at Hindalco Industries.

“Hindalco is thus making various investments in battery materials and technologies towards building Atmanirbhar Bharat. Investment in this new battery foil mill is another such step in this direction,” Pai said.

The company shared: "Hindalco has already achieved the technology breakthrough of manufacturing fine quality battery foils at its Mouda unit in Maharashtra. The Mouda unit is currently in the process of qualifying with Lithium-ion cell manufacturers in India, Europe and the United States. The new unit in Odisha will further augment capability to supply material

to Gigafactories across the world."

Hindalco said this project will provide a thrust to the government’s green initiative to reduce carbon emissions and build sustainable growth. Additionally, the company is working closely with original equipment manufacturers (OEM) to co-develop and make critical components like battery enclosures, motor housings, busbars, structural and safety components, and lightweight load bodies, many of which are being designed and developed for the first time in India.

"These series of investments catalyse Hindalco’s metamorphosis from a manufacturer of metal to a provider of high-tech metal solutions," the statement read.

Shares of Hindalco Industries Ltd gained 2.36% to trade at ₹534.75 apiece on the NSE. The scrip has risen 9.76% so far this year and 15.60% in the last one year.