2x growth plan: Hindustan Zinc to invest Rs 12,000 crore to double its capacity; project to be completed in 3 years
NEW DELHI: Hindustan Zinc Limited (HZL) will double its capacity across zinc, lead and silver verticals by making an investment of around Rs 12,000 crore, according to a filing by the Vedanta group subsidiary to the Bombay Stock Exchange (BSE).
The decision was taken at HZL's board meeting on Tuesday.
Under the project, Hindustan Zinc will set up a 250 ktpa (kilo tonne per annum) integrated smelter at Debari, Rajasthan, along with mines and expansion across the mines.
The project is targeted to be completed in a period of 36 months.
In a statement, HZL chief executive Arun Misra said the plan is "strategically aligned with the country's expanding economic landscape."
"We are excited to announce this 2x growth project towards doubling our capacity across zinc, lead and silver, which is strategically aligned with the country's expanding economic landscape, increasing demand opportunities, and keeping the country self-reliant for zinc," news agency PTI quoted Misra as saying.
Hindustan Zinc is the world's largest integrated zinc producer and is amongst the top five silver producers globally.
The company is supplier to more than 40 countries and holds a market share of about 77 per cent of the metal's primary market in India.
For the March quarter, the Vedanta-owned firm reported Rs 3,003 crore consolidated net profit - a 47.3 per cent increase over its net profit of Rs 2,038 crore in the year-ago period.
The company's income during the latest January-March quarter increased to Rs 9,314 crore from Rs 7,822 crore in the year-ago period.
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