Pursuits
Billionaire Agarwal to Shut `Unviable' Unit Amid Aluminum Slump
- Vedanta's Balco seeks government approval to close unit
- Closure of rolling unit to cut 1,000 direct, indirect jobs
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Vedanta Ltd., India’s biggest aluminum producer backed by billionaire Anil Agarwal, plans to close a unit as a slump in metal prices and rising energy costs made operations unviable.
Its unit Bharat Aluminium Co., or Balco, has sought the approval of Indian authorities to close the metal rolling mill facility in eastern Chhattisgarh state by Dec. 8, the company said in an e-mailed statement. The decision to close the unit comes more than a month after it delayed a plan to add capacity at its new smelter in the same location.