Hindalco to acquire Alcan stake in Utkal Alumina
19 Jul 2007
Aditya Birla Group''s flagship company, Hindalco Industries Limited, has announced an agreement reached with Alcan Inc. Canada (Alcan) to acquire its stake in the Utkal Alumina Project in Orissa.
The conclusion of the transaction would mark the complete exit of Alcan from the Utkal project. Alcan will have no surviving rights or obligations in Utkal Alumina, as Hindalco would become the 100-per cent owner of the project.
Hindalco
and Alcan will continue to retain their 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.