Hindalco Industries, a subsidiary of the Aditya Birla Group, has disclosed its intent to bid for two nickel-cobalt mineral blocks located in Maharashtra and Karnataka. In a statement to the press, Satish Pai, the Managing Director of Hindalco Industries, emphasized that the company is actively pursuing opportunities within India's borders, refraining from seeking critical mineral blocks overseas. Pai cited the abundance of mineral blocks available for sale domestically as a driving factor behind this strategic focus. ''We are bidding for two nickel cobalt mines'', he said.
The importance of critical minerals like copper, lithium, nickel, cobalt, and rare earth elements cannot be overstated, particularly in the context of burgeoning clean energy technologies. These minerals serve as indispensable ingredients in a wide array of modern applications, ranging from wind turbines and electricity grids to the propulsion systems of electric vehicles. Their significance lies in enabling the advancement and sustainability of key sectors crucial for addressing contemporary environmental challenges.
''We are participating in those auctions. Because we believe there are quite a few interesting mines in India that have not been explored, so the government is coming up with nickel-cobalt mines, lithium mines, copper mines, and we are going to focus more on India than going overseas'', he said. He said the company had bid for the lithium block but did not get it. ''We are looking at all these critical mines activity in India... we have expertise'', he said.
Pai reiterated that Hindalco Industries has no plans to participate in bidding for coal blocks, aligning its future growth trajectory with renewable energy ventures. This announcement comes amidst the government's initiation of auctions for 38 critical mineral blocks. Hindalco Industries Ltd, the premier metals firm under the Aditya Birla Group, stands poised to navigate these developments, emphasizing its commitment to sustainable practices in the energy sector.