Birla's Hindalco Industries bids for critical minerals leases

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Birla's Hindalco Industries bids for critical minerals leases

Mid Corporate 14 Feb 2024 02:56 PM IST Business Standard

Hindalco Industries Ltd., a metals company owned by billionaire Kumar Mangalam Birla, is putting in bids for critical minerals exploration sites that India is auctioning off. The company wants to expand its inventory of materials needed for the worldwide transition to green energy transition.

India began the process late last year to hold its first tranche of auctions for critical minerals sites, key to its goal of gradually moving away from fossil fuels to cleaner energy. The government will sell rights to about 20 blocks of land to explore for metals including rare earths and molybdenum in a process valued at ₹45,000 crore ($5.4 billion).

“We are looking at minerals like lithium, graphite, nickel, copper ores, so there are quite a few interesting critical minerals auctions coming up and we have taken and applied for most” available, Managing Director Satish Pai said in an interview. “They are all exploration licenses.”

India currently needs to import most critical minerals, and access to local mines is important for the growth of the electric vehicles market and the renewable-power sector. The government has offered billions of dollars under a production-linked incentive plan to boost battery cell production in a move seen as attempting to stave off its heavy reliance on China.

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Birla's Hindalco Industries bids for critical minerals leases

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