To boost its production, Aditya Birla group firm Hindalco Industries said it plans to set up a 34,000-tonne aluminium extrusion plant at Silvassa, in Dadra and Nagar Haveli union territory, at an investment of Rs 730 crore.

Hindalco said the new plant will service the fast-growing market for extruded aluminium products in the western and southern regions.

Hindalco said the Rs 730-crore project in Silvassa signals a big step forward in Hindalco”s downstream strategy as the company revives its long-term downstream investment plan.

The company said its intent is to build a larger value-added product portfolio over the next few years.

“This investment indicates confidence in the economic revival, which in turn will grow the demand for downstream value-added products,” the company added.

Also Read: Shipsy raises Rs 44 cr in funding from Surge, Info Edge

Satish Pai, Managing Director, Hindalco Industries, said: “We are seeing a revival in the economy, with demand picking in the building and construction and automotive sectors. This has given us the confidence to move forward. The Silvassa facility will enable us to service our customers faster, with an offering of high-end quality aluminium products.”

Hindalco said the aluminium extrusion market in India is expected to grow exponentially – from the current level of around 373,000 tonnes to reach about 850,000 tonnes by 2030.

Also Read: Coal India to invest over Rs56 B over four years in solar

Pai said, “Over the next few years, as part of our downstream strategy, we intend to enhance our capacity from over 3,00,000 tonnes currently, to more than 6,00,000 tonnes with investments of around Rs 7,000 crore