Hindalco to buy Pennar Aluminium''s assets from ARCIL

The bid by Adity Birla Group's Hindalco Industries Ltd will buy out the assets of the Nagpppur-based Pennar Aluminium Company from the Asset Reconstruction Company (India) Ltd (ARCIL).

These assets include Pennar's aluminium rolling and conductor rod complex at its plant in Nagpur, which was put up for sale by ARCIL under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

The plant's installed capacity 30,000 tons per annum of aluminium rolled products and 14,400 tpa of conductors. The facility for rolled products was installed in December 1993 and for the conductors in November 1994. Hindalco says the residual life of the facility for the aluminium rolled products is estimated at over 10 years.