Ashapura Minechem

Ashapura Minechem finalizes deal to setup Alumina Complex worth Rs 4200 crore

Ashapura MinechemMinerals and mining chemicals maker Ashapura Minechem has signed a memorandum of understanding (MoU) with Government of Maharashtra to set up a State-of-the art Alumina complex at Ratnagiri, in the coastal belt of Maharashtra.

The project, which is spread across 1,500 acres of land, entails an investment worth Rs 4200 crore.

Ashapura plans 2 aluminium smelters in Gujarat

Ashapura Minechem has made announcement that the company has entered into 50:50 joint venture (JV) with the Adani group with the aim to built an alumina refinery in Bhuj in Gujarat at an estimated cost of Rs 35 billion.

According to the sources, the Bhuj refinery will equipped with a capacity of 1million ton per year. Its power necessity is expected to be 1,000mw, which will be served by a plant being set up by the Adani group in the region.

Ashapura Minechem allots 49,486 equity shares under ESOP

Ashapura Minechem, the producer of bulk minerals has informed that company’s board of directors under ESOP has allotted 49,486 equity shares of the face value of Rs 2 per share.

The company has posted 16.79% rise in the net profit to Rs 369.40 million for the quarter ended December 2007 as compared to Rs 316.30 million for the same period in the previous fiscal.

The export activities of the company are engaged to over 30 countries in Middle East, Latin America, Europe, Egypt, Japan and South East and Australia.