AP gets recycled aluminium plant
The Chief Executive Officer of Andhra Pradesh Economic Development Board APEDB J Krishna Kishore and Takaki Yanamoto, Group President of Daiki Aluminium Industry signed a Memorandum of Understanding MoU here Thursday
Vijayawada: The Chief Executive Officer of Andhra Pradesh Economic Development Board (APEDB) J Krishna Kishore and Takaki Yanamoto, Group President of Daiki Aluminium Industry signed a Memorandum of Understanding (MoU) here Thursday.
As per the MoU, the Daiki Aluminium Industry would establish their recycled aluminium manufacturing facility in the State with an investment of $30 million (Rs 225 crore) to build an aluminium alloy unit with a capacity of 84,000 metric tonnes per year, which would generate direct employment of 600. The raw material initially would be imported from the United States, the UK and major European markets and the finished goods will be exported to ASEAN and Japan for supply to automobile companies. Daiki plans to capture the demand requirements of aluminium alloy in the country and expand the market sequentially.
J Krishna Kishore said: "Aluminium recycling is gaining importance as an economically valuable secondary raw material across the world. The state continues to fill existing gaps in the circular economy and is delighted to have India's biggest recycling aluminium alloy plant in Andhra Pradesh."
"The plant will have a low-emission profile as 20-25 per cent of the investment will be spent on pollution control machinery, equipment and environment education." Kishore added. Takaki Yamamoto said: "I’m impressed by the growth-oriented development and initiatives taken by Government of Andhra Pradesh and Chief Minister Nara Chandrababu Naidu to promote industries with hassle-free and timely support from Government departments." Daiki Aluminium Industry's company incorporation works are expected to complete by the end of December 2018. Daiki had submitted the DPR and will apply for pre-establishment approvals and clearances.