Daiki Aluminium will invest Rs 250 crore in Sri City, a smart integrated business city in Andhra Pradesh and located near Chennai.
The facility by Daiki Aluminium, a 100 per cent subsidiary of Daiki Aluminium Industry Co. Ltd., Japan, will be built on a 20-acre plot in the Domestic Tariff Zone (DTZ) and is expected to be commissioned by February 2020.
The plant will produce aluminium alloy ingots at an annual capacity of 84,000 tonnes. The products will be exported to ASEAN and Japan for the automobile sector. Daiki plans to capture the demand requirements of aluminium alloy in the country and expand the market sequentially. It will generate direct employment for about 600 people, and 80% of them will be women.
According to Takaaki Yamamoto, President of Daiki Aluminium Industry, they aim to use the latest technologies in pollution control and will adhere to the strict regulations of their parent plants in Japan.
Ravindra Sannareddy, Founder Managing Director, Sri City, stated: “We are very pleased to welcome Daiki group, which is one of the world’s largest secondary aluminium production company. As Aluminium recycling is gaining importance as an economically valuable secondary raw material, we are delighted to have Daiki in Sri City, as it would effectively meet the increasing demand for secondary aluminium, and thereby help in saving mineral resources in the country.”
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