By Sumit Khanna Ahmedabad, Oct 14 (Reuters) - India's Hindu
By Sumit Khanna
Ahmedabad, Oct 14 (Reuters) – India’s Hindustan Zinc Restricted HZNC.NS plans to arrange a smelter within the western state of Gujarat, it mentioned on Wednesday, probably growing the corporate’s zinc refining capability by a 3rd.
Hindustan Zinc, which is majority owned by Vedanta VDAN.NS, signed a memorandum of understanding (MoU) with the state authorities of Gujarat to arrange a zinc smelter with annual capability of 300,000 tonnes.
The corporate, which has annual zinc refining capability of 917,000 tonnes, expects to begin producing zinc on the smelter by the 2024 monetary 12 months, an organization spokeswoman mentioned, including that the power can be its second largest.
Hindustan Zinc, during which India’s federal authorities owns a 29.7% stake, expects to speculate at the least 50 billion Indian rupees ($682.four million) within the venture, it mentioned in an announcement.
($1 = 73.2700 Indian rupees)
(Reporting by Sumit Khanna Further reporting by Sudarshan Varadhan in CHENNAI Enhancing by David Goodman )
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