Daiki Aluminium Industry Co. Ltd. will set up an aluminium alloy plant at Sri City in Andhra Pradesh. The industrial zone is located close to Chennai.
The Japan-based company will set up the plant through its Indian subsidiary, Daiki Aluminium Industry India Pvt. Ltd., which would make an initial investment of Rs 250 crore.
To be built on a 20-acre plot in the domestic tariff zone, the plant will produce aluminium alloy ingots. It will have an annual capacity of 84,000 tonnes. It is expected to go on stream by February 2020.
According to a company release, the products will be exported to automobile companies in ASEAN and Japan. The plant is expected to generate direct employment for about 600 people with 80% of them being women.
Takaaki Yamamoto, president, Daiki Aluminium Industry, attended the foundation laying ceremony. Zhao Rong, chairman, Delta Group of Industries, China, was also present.
Ravindra Sannareddy, founder-managing director, Sri City, said, “We are very pleased to welcome Daiki group, which is one of the world’s largest secondary aluminium production companies. As aluminium recycling is gaining importance as an economically valuable secondary raw material, we are delighted to have Daiki in Sri City, as it will effectively meet the increasing demand for secondary aluminium, and thereby help in saving mineral resources in the country.”
Image credit : bsmedia.business-standard.com