India: Hindalco records decade-high capex in FY’25, outlines $10 billion growth plan

• Hindalco ramps up aluminium capacity at Aditya, Mahan
• Dahej to host world’s largest copper smelter outside China

Hindalco Industries, the metals flagship of the Aditya Birla Group, recorded its highest annual capex in nearly a decade with investments worth INR 18,000 crore in FY’25. Chairman Kumar Mangalam Birla, addressing shareholders at the company’s 66th annual general meeting on 21 August, reaffirmed the company’s ambitious $10 billion investment roadmap for the next five years, spanning its aluminium, copper, and speciality alumina businesses in India and globally through its subsidiary Novelis.

Birla highlighted that Hindalco’s strategy focuses on strengthening both its upstream and downstream businesses. The next phase of growth will see accelerated expansion in aluminium and copper smelting alongside sustained downstream investments. On the aluminium front, the company is advancing a 180,000 tonnes per annum (tpa) expansion at the Aditya smelter, a 360,000 tpa expansion at the Mahan smelter, and a greenfield 850,000 tpa alumina refinery.

In copper, Hindalco is undertaking a 300,000 tonne (t) smelter expansion at Dahej, which, once completed, will create the world’s largest copper smelting complex outside China. This expansion, Birla noted, underscores Hindalco’s long-term commitment to meeting rising global copper demand, particularly from clean energy and e-mobility sectors.

On the downstream side, Hindalco is targeting a fourfold increase in EBITDA by FY’30 compared to FY’24. This will be driven by the ramp-up of its new copper tubes plant and the construction of India’s first and the world’s second-largest e-waste and copper recycling facility at Pakhajan, Gujarat. The facility will play a key role in strengthening circular economy initiatives and expanding Hindalco’s recycling footprint.

The company is also making strong strides in the battery materials business. A new battery foil plant, set to commence operations this year, will support the growing demand for energy storage solutions in electric mobility and renewable power sectors. Hindalco is also enhancing its portfolio in speciality alumina and value-added aluminium products, aimed at catering to high-growth industries.

Novelis, Hindalco’s global subsidiary, continues to execute its $4.1 billion Bay Minette project in the US, expected to be commissioned in the second half of 2026. Alongside, Novelis is pursuing its 3×30 Vision to raise recycled content from 63% to 75% and reduce the carbon footprint of its rolled products. The Bay Minette project, combined with other global expansions, is expected to lift Novelis’ production capacity to nearly 5 million tonnes (mnt) annually.

Through these initiatives, Birla said, Hindalco is positioning itself as a “force for sustainable solutions”, combining growth with innovation, recycling, and environmental stewardship. The company’s long-term investments will not only reinforce its global leadership in aluminium and copper but also align closely with India’s broader push for green infrastructure, clean energy, and manufacturing growth under the Viksit Bharat vision.