A big hangover of the Indian listed company is the high debt of the privately listed holding company. I think the continuous payment of dividends and reduction in private debt removes the problem. It is better that they are paying dividends rather than just piling it on in low-return debt instruments like NMDC.
It is not as if they are not expanding their capacities. They are increasing their alumina capacity from 2 MT to 6 MT and aluminum from 2.2 MT to 3 MT. They are also increasing their captive coal resources by 15 MT.
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