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Private Sector | Not Classified - Brazil | PID: 182571
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Hindalco Industries announced that its wholly-owned subsidiary Novelis will pump in USD 175 million to expand aluminum production and recycling capabilities in Brazil
Novelis Inc, the world leader in aluminum rolling and recycling, today announced an investment of USD 175 million at its Pindamonhangaba plant, located in the Paraiba Valley between Sao Paulo and Rio de Janeiro," it said in a filing to BSE
The expansion of the company's facility in South America will benefit its beverage and specialty customers by bolstering capacity with 100 kilotonnes of additional rolling production and 60 kilotonnes of increased recycling
These expansions will bring total capacity of the Pindamonhangaba facility to approximately 680 kilotonnes per year of aluminum sheet and 450 kilotonnes annually of recycled metal," it said
The investment also includes a new water sourcing system and the purchase of approximately 90 acres of land for potential future growth
This investment in additional rolling and recycling capacity further strengthens our commitment to the South American region and better positions us to meet our customers' needs," Steve Fisher, President and Chief Executive Officer, Novelis Inc said
Construction on these expansions to the Pindamonhangaba plant will officially begin in February next year and are expected to be completed in 2021
The project includes an increase in sheet ingot, hot mill and recycling production and complementary improvements," the company said
The project should create more than 50 new jobs, the company added
| Updated on: 15 - Nov - 2018
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