Friday, January 12, 2007

Hindalco to bid for Alcan’s US subsidiary

India’s leading aluminium company Hindalco Industries may bid for the US subsidiary of Canadian aluminium major Alcan. Alcan is the world’s second largest aluminium maker.
Revenues of the undisclosed unit are estimated to be in the range of $2 bn and $3 bn.

Hindalco already has a joint venture with the Canada-based Alcan, called Utkal Alumina, to build an alumina refinery in Orissa. The proposed bid would be part of the company’s ambitious plans to become one of the top 10 aluminium producers globally over five to six years.

Hindalco recently formed a joint venture partnership with Almex USA, Inc. to make high-strength aluminium alloys used in the aerospace, sporting goods and surface transport industries. The joint venture is to be named Hindalco-Almex Aerospace. Hindalco owns 70% of the equity capital, with Almex holding the balance 30%.

Read the articles in The Economic Times and Business Standard.

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