Hindalco Industries, an Aditya Birla Group company, will invest 2,000 crore in a copper and e-waste recycling facility, said chairman Kumar Mangalam Birla on Tuesday. "Your company is making an investment of Rs. 2,000 crore to establish the first-of-its-kind Copper and E-waste recycling facility in India," Birla said at the company's 64th annual general meeting.

Birla emphasised the hazardous nature of e-waste, which is exacerbated by improper handling, resulting in significant material loss. Due to a lack of advanced metal extraction and refining technologies in the United States, a significant amount of e-waste is currently exported to other countries. As a result, he said, this step provides a tangible solution that aligns with the company's and India's circular economy agendas.

Birla also stated that three more goods waggon designs will be introduced in the coming months, with specific end-use applications such as transportation of bagged cement and food grains in mind.

The company recorded a consolidated net profit of 2,454 crore in the first quarter of the current fiscal year, and Birla expressed optimism about India's economic growth, projecting a 6.1% growth rate in 2023. Strong domestic demand, robust services sector activity, and healthy public capex momentum are expected to drive this growth, he said.