The AV Birla group promoted Hindalco is set to become the largest producer of aluminium rolled products in the world after it won the approval of the Ontario superior court to acquire Novelis, a leader in the aluminium rolled products market.The buyout is valued at $6 bn.
The Atlanta based Novelis will now become a fully owned subsidiary of Hindalco.This catapults Hindalco in the top five league of aluminium heavyweights with revenues standing at $14 bn.
Hindalco would acquire Novelis through its subsidiary AV Metals which would cost the company $44.93 per share.Novelis is on its way to being delisted from the New York Stock Exchange and the Toronto Stock Exchange.
Source: The Economic Times
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