To meet the growing demand for aluminum in the power industry, particularly in the power transmission sector, Alcoa will build an alloy wire production plant at the existing Angul smelter, costing approximately Rs. 1,321 crore.
In the first quarter of this fiscal year (2018.4.1-6.30), the company's alumina net profit was 6.87 billion rupees, a year-on-year increase of 433% from the previous year's 1.29 billion rupees, compared with 2.57 billion rupees in the fourth quarter of the previous fiscal year. The chain increased by 167%. In the first quarter of this fiscal year, the company's alumina and aluminum production increased by 10.74% and 8.85%, respectively.
(Note: The Indian fiscal year is not from January 1 to December 31, but from April 1 of each year to March 31 of the following year. The first quarter of India’s fiscal year 2019 is what we usually say. Second quarter of 2018.)
“The significant increase in profit is mainly from alumina revenue, and the company is the world's lowest cost alumina producer,” said TK Chand, chairman and general manager of India's National Aluminum.
Per capita aluminum consumption in India is likely to increase significantly in the next two to three years. Smart city, motor trains, energy-efficient cars, aluminum trucks and other projects will increase the consumption of aluminum in India, which is expected to increase from the current 3.2 million tons per year to 8 million tons. Chand added.