Hindustan Zinc has decided to invest US$ 2 billion (Rs 14,000 crore) over the next five years. The country’s largest miner for zinc, which is part of the London-based Vedanta group, will do this to raise annual capacity from the current 0.8 mt to to 1.5 million tonnes (mt)
Sunil Duggal, chief executive officer, was quoted as saying by Business Standard: “Work is in the planning stage for capacity expansion to 1.35 mt, which will take two to three years. Then, we aim to go to 1.5 mt, which will take another two years.”
Currently, the company is in the final leg of plan to raise capacity to 1.2 mt, from 0.8 mt. This is scheduled for completion in the March quarter.
Duggal added: “Our entire expansion will be funded via internal accruals and every phase (to 1.35 mt and then 1.5 mt) will need $1 bn each. We have enough cash reserves and will not borrow”.
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