Aditya Birla group owned, Hindalco Industries, approved financial restructuring plans for future, chalking out new strategy for further expansion and reserving funds to implement growth plans. Some portion of amount would also utilize for adjustment of non-operating / extraordinary costs aroused on accounts of some international acquisitions and company's ambitious organic growth projects.

The company said, "The aforesaid amount would be utilized for write off or adjustment of non-operating costs on international acquisition made by the company and organic growth projects in India."

The firm would set up a new 'Business Reconstruction Reserve Account' in order to have sufficient funds for restructuring exercise. The account would be credited by Securities Premium Account as per approval of company's board of director.

It would use the balance available in Securities Premium Account, in accordance with provisions of the Companies Act, 1956 and other relevant laws, as on December 31,
2008.

Meanwhile, shares of company closed with decline of 0.22 per cent in the recent trading of Bombay Stock Exchange.