Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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‘No benefit from Sterlite unit closure’
The trade friction between the U.S. and China is worrisome and can have an impact on India, said Kumar Mangalam Birla, chairman, Aditya Birla Group.
Hindalco’s subsidiary Novelis has presence in both the U.S. as well as China and so has Aleris Corporation which Hindalco has proposed to buy through Novelis.
Concern over Chinese imports
However, Mr. Birla, while addressing the shareholders at the annual general meeting of group company Hindalco Industries, expressed concerns that the import of aluminium and copper continue to hurt the domestic aluminium and copper industries. “There is threat of these Chinese materials coming to India,” said Mr. Birla.
Asked if Hindalco would benefit from the closure of Vedanta’s copper unit in Tamil Nadu, Mr. Birla said, “competitor’s plant has closed down but the Chinese imports will make it difficult.”
Source : https://www.thehindu.com/todays-paper/tp-business/us-china-trade-spat-can-impact-india/article25011404.ece
