Hindalco subsidiary Novelis to invest $300m to expand Chinese aluminum factory
Novelis, a subsidiary of Hindalco Industries, will invest nearly $300 million to expand its automotive aluminum capabilities and recycling operations at its Zhenjiang aluminum factory in China.
In this connection, the aluminum rolling and recycling company signed a memorandum of understanding (MOU) with the Zhenjiang Jingkou Industrial Zone in Zhenjiang City, Jiangsu Province.
Wei Xiaoxi from Zhenjiang Jingkou Industrial Zone said: “Jingkou Industrial Zone of Zhenjiang City has built the world’s most extensive production base of aluminum foil and power lithium aluminum foil, forming a strategic emerging cluster of high-performance aluminum materials in the entire country.
“We are very glad to work with Novelis and welcome Novelis to bring the industry’s leading high-end aluminum innovation technology and investment.”
The investment will be used by Novelis to expand its hot mill, add a cold mill, and setting up an automotive closed-loop recycling system in China.
Construction on the project is likely to begin towards the mid of the year in 2021. Upon its completion, the project is expected to create a wholly integrated supply chain for its automotive customers, from coil production to heat treatment and also to recycling.
James Liu – Managing director of Novelis China, and Vice President, Automotive at Novelis Asia said: “With support from the Chinese government, Novelis can build an integrated production system that includes casting, rolling and recycling in order to provide lightweight aluminum solutions to automotive customers.
“Also, with our state of the art Customer Solution Center and R&D Center, we will be able to respond even faster to the market and help customers develop the next generation of innovative, mobility solutions.”