Hindalco Aluminium Industries, a subsidiary of India's Aditya Birla Group, has secured a $100 million loan from the Canadian Export Development Corporation (EDC) to support its Mahan aluminum project in Madhya Pradesh, central India. The agreement was recently finalized and marks a significant step forward for the ambitious initiative.
The Mahan project aims to construct a state-of-the-art aluminum smelter with an annual production capacity of 359,000 tons, along with a self-sustaining 900 MW power plant. Given the project’s potential environmental impact, it has been classified as a Class A project by EDC, which means all stakeholders are required to disclose detailed environmental impact assessments publicly.
Stephen Poloz, President and CEO of EDC, highlighted that the Mahan project represents EDC’s first non-recourse financing deal in India. The $100 million investment is part of a broader financial plan that includes insurance, guarantees, and additional funding. In fact, EDC has also allocated $110 million to establish four new companies in India, further deepening its commitment to the region.
Poloz expressed his enthusiasm for strengthening economic ties between Canada and India. He has visited India multiple times and noted that both nations have set a goal to increase bilateral trade from the current $500 million to $1.5 billion. According to him, this partnership will bring mutual benefits and promote long-term growth for both countries.
This development not only underscores Hindalco’s strategic expansion but also highlights the growing collaboration between Indian and Canadian businesses in the industrial sector.Emergency lighting luminaires are fixtures that are specifically designed to provide illumination in the event of a power outage or emergency situation. These luminaires are equipped with a backup power source, such as a battery or generator, that allows them to continue providing light even when the main power supply is not available.
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