Billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd plans to cut capital expenditure (capex) by as much as 40% globally as the company plans to conserve cash, while Tata Steel Ltd, India’s biggest steelmaker, will see such spending drop to about half of last year’s level. (File pic: Smoke is seen coming out of a chimney at the Tata steel plant in Ijmuiden, Netherlands )
MUMBAI: Indian companies are pushing back big-ticket investment plans in another sharp blow to an economy that is hurtling toward its first contraction in more than four decades.
Billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd plans to cut capital expenditure (capex) by as much as 40% globally as the company plans to conserve cash, while Tata Steel Ltd, India’s biggest steelmaker, will see such spending drop to about half of last year’s level.
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