Chinese aluminium firm buys 50% stake in Indian plant

The Times of India reports that Chinese aluminium firm Qingtongxia Aluminium Group is acquiring a 50% stake in an aluminium project of Ashapura Minechem in western India. The outlay on this project is somewhere around $651 mn. This is the first, and the biggest, Chinese investment in India in the aluminium sector. Qingtongxia has obtained approval from the National Development and Reforms Commission, the country's top planning body. The proposed facility will have an annual capacity of 1 mn tonnes annually.