Hindalco forms JV with MCL, NLC

New Delhi, July 2: Hindalco Industries Ltd, country's biggest aluminum producer, has entered into a joint venture agreement with Mahanadi Coal Ltd (MCL), an arm of Coal India Ltd and Neyveli Lignite Corporation Ltd (NLC) for coal mining in the country.

The company will have 15 per cent shareholding with MCL holding 70 per cent in the JV company. NLC will pick up 15 per cent stake in the venture.

The JV company is expected to be formed in the next three to six months, the company said in a statement.

Hindalco, a flagship company of the Aditya Birla Group, with a turnover of Rs 4,975 crore is a domestic player in two metals business segments, aluminium and copper.

The company has a significant market share in all the segments in which it operates. It enjoys a domestic market share of 42 per cent in primary aluminium, 63 per cent in rolled products, 20 per cent in extrusions, 44 per cent in foils and 31 per cent in wheels.

UNI