Driven by higher volumes, better product/geographic mix and improved realisation, net sales grew 33% to INR51bn ($1.1bn).

Out of this, the aluminium business contributed INR18bn ($390M). The company said its Utkal Alumina subsidiary, had tied up INR49bn ($1.06bn) debt from a group of 28 banks for its refinery project in Orissa.

After the financial closures of Utkal Alumina Refinery, it is the turn of Mahan Aluminium, as both projects are linked and are scheduled to be completed by September 2011.

“We have started talks with the bankers for the debt syndication of Mahan Aluminium, but the mandates have not been given yet,” said Sunirmal Talukdar, group CFO.

The company plans to set up five projects in two phases at the cost of INRs400bn ($8.6bn) in the next three years. In the first phase, it will set up a refinery and two smelters.