Kumar Mangalam Birla, a billionaire, plans to invest $7.2 billion on an aluminum demand bet.

Over the next five years, Hindalco Industries Ltd. plans to invest up to $7.2 billion in expanding its aluminum industry, as global supply bottlenecks and strong demand expectations push prices to new heights.

Hindalco aims to increase the capacity of its Aditya Mahan smelter in India by 50,000 tonnes by March 2024. It further stated that, among other growth plans, it is exploring building another 180,000 tonnes per year at the same location and establishing a 1 million tonne per year alumina refinery in Odisha.

Hindalco predicts that India’s aluminium consumption will increase to around 8 million tonnes by March 2032, while copper consumption will more than double during the same period. According to the presentation, it has also set aside $286 million for its copper business and $459 million for coal mine development as part of its India expansion plans.