11 May 2007

Novelis shareholders approve acquisition by Hindalco

• 99.8 per cent vote in favour of Hindalco

Hindalco announced today that at a special meeting of the shareholders of Novelis held on 10 May 2007 in Atlanta, Ga., USA, the shareholders, by a huge majority, voted to approve the company's acquisition by Hindalco Industries Limited. 99.8 per cent of the votes cast by shareholders were in favour of the transaction.

Under the terms of the transaction, Hindalco, through its subsidiary AV Metals Inc., will acquire Novelis for US$ 44.93 per common share in cash. Total enterprise value is estimated at US$ 6 billion, including debt. Upon completion of the arrangement, Novelis will become a subsidiary of Hindalco.

Hindalco and Novelis have received all required regulatory consents which are a condition to the completion of the transaction. The arrangement remains subject to final court approval under Canadian law. Hindalco expects the transaction to be completed on 15 May 2007.