Hindalco, part of the Aditya Birla Group and a leader in metals, made an exciting announcement. They received official permission to start using the Meenakshi Coal Mine in Odisha from the Ministry of Coal. This is a big achievement for Hindalco, following the signing of an agreement to develop the mine on November 22, 2024.
Hindalco plans to start coal production by the year 2028, but first, they need to get necessary government approvals. The Meenakshi mine is fully explored, which means it has been studied well. It can produce up to 12 million tonnes of coal every year and holds around 285 million tonnes of coal in total!
The company shared that the mine’s coal is cheaper and more sustainable. This means it will help them save money on energy costs and allow Hindalco to produce its own coal, reducing the need for more expensive options. Currently, the auction coal they use can cost about 40% more than what they expect to get from the Meenakshi mine.
This move not only helps Hindalco with costs but also aids India’s energy security and boosts coal production in the country. It is also expected to create around 16,000 jobs in the region, providing many people with work.
In their recent report, Hindalco announced a huge increase in profits – up 123% from last year, reaching Rs 1,891 crore, while their revenue grew by 8%, hitting Rs 22,262 crore during the last quarter.
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