18 July 2007

Hindalco to acquire Alcan stake in Utkal Alumina

Aditya Birla Group's flagship company, Hindalco Industries Limited, India (Hindalco) today announced an agreement reached with Alcan Inc. Canada (Alcan) for the sale to Hindalco by Alcan of its participating interest in the Utkal Alumina Project in Orissa. The transaction is set for closing approximately in the next 30 days time.

The conclusion of the transaction marks the complete exit of Alcan from the Utkal project. Alcan will have no surviving rights or obligations, as Hindalco becomes the 100 per cent owner of the Utkal project.

Hindalco and Alcan will continue to have a cordial business association given that Alcan has ongoing contracts with Novelis. It is also the technology provider to the Utkal alumina project and some other alumina projects of Hindalco.