OCTOBER 20238HINDALCO INDUSTRIES SIGNS MOU WITH OMC FOR LONG-TERM BAUXITE SUPPLYThe Odisha Mining Corporation and Hindalco Industries have agreed to a long-term supply agreement for bauxite ore for the Rayagada facility's 2 million tonnes of alumina refinery and 150 MW captive power plant. "Hindalco Industries will be entering into a Memorandum of Understanding (MoU) with Odisha Mining Corporation for the long-term supply of Bauxite ore for its proposed 2-million tonne alumina refinery and 150-MW captive power plant at Kansariguda in the Rayagada District", the company stated in a regulatory filing. It was announced that this will be the second alumina refining facility owned by the firm in the Rayagada region of Odisha. Hindalco stated that the 8000 crore rupee investment will be made in two phases. At a cost of Rs 5,500 crore, the first phase, which will handle 1 million tonnes, is anticipated to be put into operation in FY27. Hindalco Industries released its first quarter earnings for FY24 earlier in August. The company reported a profit of Rs 2454 crore, a decrease of 40.4 Percent from Rs 4119 crore in the first quarter of FY23. This was fueled by a turnaround in Novelis and the downstream operations of Aluminium India, and it was supported by a consistent showing from the copper sector, according to the statement. It reported operating revenue of Rs 52,991 crore, a decrease of 8.7 Percent from Rs 58,018 crore. EBITDA for the business was Rs 6,109 crore. UTTARAKHAND GOVERNMENT AND JSW NEO ENERGY SIGNS MOU WORTH RS 15000 CRORESJSW Neo Energy Global Investor Summit roadshow, held at a hotel in New Delhi, the Uttarakhand government, and JSW Neo Energy inked an MoU worth Rs 15,000 crores. The government also entered into MoUs with many entities in addition to this. Present at the event was the chief minister, Pushkar Singh Dhami.According to the MoU, two pumped storages with a combined capacity of 1500 mw would be built in the Almora district of the state. In addition to restoration and decoration of Kumaon region temples (Manaskhand temple Mala under the state's CSR), the chief minister anticipated collaboration in the areas of pump storage plants, cement, sports, training facilities, and drinking water.In accordance with the terms of the MoU, JSW Neo Energy will aim to establish two self-described pump storage projects in Almora with a combined capacity of 1500 MW. CM Dhami said the G-20 meeting's success in India served as motivation for his administration to host a global investors' summit in the region. He further stated that the summit, which the government of Uttarakhand is organising, will follow the format of "Vibrant Gujarat". TOP STORIES
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