Hindalco Industries Ltd., which is a part of the Aditya Birla Group, is aiming at foraying into solar module manufacturing with a new line in Gujarat. The company is currently developing a five-year strategy, and it has identified the need to acquire land in Mundra. This move is part of India’s plan to build a renewable power capacity by fiscal 2030.
India’s Hindalco Industries may begin production of solar modules and establish a new factory in the western region of the country – Gujarat, according to two sources familiar with the information. The cement-to-fashion retail conglomerate Aditya Birla Group firm is exploring a five-year strategy in the cut-throat industry, one of the sources stated.
Hindalco has identified land in port town Mundra in Gujarat, the second person said. India’s No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said. The people declined to be named as they were not authorised to speak to the media.
The solar module manufacturing will be a good fit given Hindalco’s dominance in aluminium manufacturing, one of the sources said. Hindalco, however, was tight-lipped on the whole issue as it did not respond to Reuters comments on its stand on the matter.
This would be the first time that the company would venture into manufacturing green energy components in case it is implemented. Earlier in 2022 the company had penned a partnership agreement with Greenko Group to provide solar and wind capacity to its smelter.
