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India's Aditya Birla Group plans $5-bn capex over 3 years

Oct '18
India’s Aditya Birla Group chairman Kumar Mangalam Birla recently said the conglomerate is looking at a capital investment of $5 billion over the next three years across its businesses both in the home market and abroad. The group has already spent about $3.5 billion in the past two years across various businesses, he said at the Economist India Summit.

In July, the group announced that it would buy US-based aluminium player Aleris for around $2.58 billion.

Aleris, which Novelis is acquiring, is also another aluminium rolled product player, will attract around $3 billion of this projected capital expenditure, Birla said. Novelis was acquired by the group’s Hindalco Industries in 2007-08.

The rest of the capital expenditure will be channelled into the cement, financial services, chemicals and fibre businesses, both overseas and in the country, he told a panel discussion.

The continuing rupee fall and the spike in crude oil prices are problem areas for the Indian economy, Indian media reports quoted Birla as saying.

Calling for free trade, he said any kind of protectionism creates uncertainty and impacts growth and investments.

He sounded cautious on government imposing import duty on certain items to safeguard domestic market, saying it has to be done on a case by case basis. (DS)

Fibre2Fashion News Desk – India

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