New Delhi, Feb 21 (PTI) Novelis Inc, a subsidiary of Hindalco Industries, will build a USD 50 million (around Rs 373 crore) recycling and casting centre in South Korea to expand low carbon aluminium production.

Fully funded by Novelis, the Ulsan Recycling Centre will have an annual casting capacity of 100 kilotonne of low-carbon sheet ingot.

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"Novelis Inc, the world leader in aluminum rolling and recycling, today announced that it will invest approximately $50 million to build a recycling centre at its Ulsan Aluminum joint venture in South Korea," Hindalco said in a filing to BSE.

Once online, the company expects the recycling centre to reduce its carbon emissions by more than 420,000 tonne each year.

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Construction of the Ulsan Recycling Centre is expected to begin in October and commissioning expected in early 2024.

"This latest capital investment in recycling is another example of our company purpose of ‘Shaping a Sustainable World Together' in action," Pierre Labat, Senior Vice President, Chief Strategy and Sustainability Officer, Novelis Inc said.

"I am excited by the actions Novelis is taking to increase aluminum recycling worldwide and the benefits this will have for our customers and in making aluminum the preferred material for all the markets Novelis serves," Labat said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)