Hindalco Industries, an Indian aluminum manufacturer under the Aditya Birla Group, has signed a Memorandum of Understanding (MoU) with the Madhya Pradesh government for an investment of Rs 150 billion over the next two years.

Managing Director Satish Pai stated that the investment will be used to expand aluminum smelting capacity and develop a large mine called Banda.

Hindalco already has Rs 250 billion invested in Madhya Pradesh, mainly in its Mahan aluminum smelter.

The new investment aims to strengthen Hindalco’s operations, create jobs, and support the local economy. Pai also noted that US trade tariffs benefit Hindalco’s American subsidiary Novelis, with no major impact on Indian operations.