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Hindalco Industries has acquired a 26% stake in Ayana Renewable Power for ₹1.62 crore to power its Odisha smelter with 100 MW of continuous energy.
Ayana Renewable, a 2019 incorporated company in Bengaluru, is mainly controlled by the National Infrastructure and Investment Fund. As of March 2023, the company's energy portfolio accounted for 5 GW. Hindalco, one of the country's leading primary aluminium producers, has manufacturing sites in Uttar Pradesh, Madhya Pradesh, and Odisha. In an exchange filing, the company announced that it has acquired stake in Ayana Renewable in cash, and the company will now be an associate company of Hindalco Industries,
Aditya Aluminium at Sambalpur in Odisha is currently supported by coal power and has 360,000 tonnes of smelter capacity. Hindalco Industries plans to become net neutral on carbon by 2050. In 2022, it had signed a pact with Greenko Group to co-produce 375-400 MW of solar and wind power capacity. Smelting is high on carbon emissions, and requires continuous power supply. Local manufacturing companies, including those in the cement and steel space, are increasingly looking to increase the usage of renewable energy in their operations.
In 2022-23 (Apr-Mar), Hindalco was named the most sustainable aluminium company in the world for the 3rd consecutive by the Dow Jones Sustainability Index rankings. Its renewable energy interaction was at more than 54% during the year at 150 MW, and the company has a target of 300 MW by 2025. Shares of Hindalco Industries closed at ₹579.90 on the National Stock Exchange on Wednesday, down 0.6% from the previous close.
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