ET reported that Hindalco is planning to raise INR 8000 crores for Aditya Aluminum project. The fund rising is expected to close in Q1 FY 2012. This comes soon after the financial closure of the Mahan project. Hindalco is on a fund raising spree to put all their domestic projects on a fast track.

Hindalco signed the fund raising for Mahan project, the company raised INR 7875 crores at 10.20% interest rate. 31 banks arranged funds for the aluminum project.

Hindalco sources said that this issue was over subscribed, we are very positive on the Aditya Aluminum project as well since it is a replica of the Mahan project.

Aditya Aluminum aims at setting up a 359 kilo tonne per annum smelter capacity at Lapanga in Orissa. 900 MW captive power capacities is also part of the project. The Aditya Alumina project includes 4.2 million tonne per annum bauxite mine, 1.5 million tonne per annum alumina refinery at Kansariguda.

(Sourced from Economic Times)