Aug 26, 2020, 08:00 EST
Bronx, United States, Aug 26, 2020, 08:00 /Comserve / -- Hindalco Industries Ltd., on Thursday, i.e., August 20, 2020, announced that it had signed a MoU with UltraTech Cement Ltd.
Mumbai, August 21, 2020: Hindalco Industries Ltd., on Thursday, i.e., August 20, 2020, announced that it had signed a MoU with UltraTech Cement Ltd. The memorandum stands as an agreement to deliver 1.2 million metric tonnes of bauxite residue or red mud to the cement and concrete company annually to its 14 plants situated in seven different states of India. By the end of this year, Hindalco endeavours to attain the goal of 2.5 million metric tonnes of red mud, which will be a global success. Presently, Hindalco refineries are the supplier of 250,000 metric tonnes of bauxite residue every month, which makes it the world’s first company to deal with such a large scale of bauxite residue. Alongside it also claims to be the world’s first company to achieve 100% red mud utilization in their three plants.
Mr K. C. Jhanwar, the Managing Director of UltraTech, believes that a yearly supply of 1.2 million metric tonnes of bauxite residue from Hindalco, will help the company preserve more than a million metric tonnes of mined natural resources thereby increasing the company’s contribution to the economy by emphasizing the use of waste as a raw material in the cement manufacturing process.
Despite the lockdown and the pandemic, Hindalco has managed to maintain its position in the global market with its new ideas and ventures. In April, the company’s wholly-owned subsidiary, Novelis Inc., acquired the US-based rolled product major, Aleris Corporation, at an Enterprise Value of USD 2.8 billion. However, as per financial reports of the first quarter, the company has experienced a 16% loss in the Revenue from Operations as compared to that of Q1FY20. Alongside, the financial costs have taken a surge of 4% in the first quarter. Now, this Memorandum of Understanding signifies the sustainability initiative for both Hindalco and UltraTech.
About Hindalco Industries Ltd.
Hindalco Industries Limited is the flagship company of the Aditya Birla Group. It is the world’s biggest aluminum rolling and recycling company, and a significant player in the copper industry. It is also one of Asia’s largest producers of primary aluminum. Its subsidiary Novelis is the world’s largest aluminum beverage-can producer as well as the recycler.
About UltraTech Cement Ltd.
UltraTech Cement is India’s biggest manufacturer of grey cement, ready mix concrete and white cement. It is one of the leading global cement producers and has more than 100 million tonne capacity in one country.
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