Hindalco Industries, flagship company of the Aditya Birla Group, has acquired a 26% stake in Ayana Renewable Power Four (ARPFPL) for Rs 1.62 crore. This strategic move is part of the strategy to secure 100 MW of clean, round-the-clock renewable energy for Hindalco’s Odisha smelter, supporting its journey towards net-zero carbon neutrality by 2050.
The acquisition empowers ARPFPL to develop and operate a dedicated captive power generation plant specifically for Hindalco’s Odisha smelter. This shift to renewable sources like solar and wind will significantly reduce Hindalco’s carbon footprint, aligning with its growing commitment to sustainable operations.
Hindalco operates production facilities in Uttar Pradesh, Madhya Pradesh, and Odisha. According to an exchange filing on Wednesday, it completed a cash transaction to acquire a stake in Ayana Renewable, thereby establishing Ayana Renewable Private Limited (ARPFPL) as an associate company of Hindalco Industries.
Ayana Renewable, headquartered in Bengaluru, was founded in 2019 and is majority owned by the National Infrastructure and Investment Fund. As of March 2023, the company had a 5 GW energy portfolio. The partnership strengthens Hindalco’s existing green initiatives, including its collaboration with Greenko Group to co-produce 375-400 MW of renewable energy.
Aditya Birla Group owned Hindalco Industries holds the distinction of being the world’s largest aluminum company by revenue and a significant player in the copper industry. Additionally, it stands as one of Asia’s largest producers of primary aluminum.
In the second quarter of fiscal year 2024, the company’s consolidated net profit showed a marginal increase, reaching Rs 2,196 crore compared to Rs 2,205 crore in the same period of the previous fiscal year. However, there was a 3.57% year-on-year decline in revenue from operations, amounting to Rs 54,169 crore during the quarter.
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