(MENAFN) Mukesh Kumar, president of Vedanta Aluminium Ltd, India's largest aluminum producer, expected India's aluminum exports to rise 5 percent in the current fiscal year to 325,000 tons, Reuters reported.
Vedanta Aluminum, a part of billionaire Anil Agarwal-controlled Vedanta Group, produces about 40 percent of the South Asian nation's total output.
The optimist forecast came despite a slowdown in global demand and falling prices have led global producers such as Alcoa and Norsk Hydro to cut production.
India exported 310,000 tons of aluminum in 2011/12, according to Kumar.
Indian aluminum producers have an edge over other global rivals, on low costs and availability of better grades of inputs such as bauxite. However, red tape and environmental delays have limited the availability of coal, the main fuel for aluminum production, Kumar said.
India produces around 1.6 million tons of aluminum, while domestic industries consume about 1.3 million tons annually.
Its domestic demand is poised to grow by 7 to 8 percent a year, led by its power transmission, construction and automobile sectors.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.