Hindalco to buy Novelis alumina refinery

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    Hindalco to buy Novelis alumina refinery
    Hindalco Industries, the metals flagship of the Aditya Birla Group, on Friday said it has finalised arrangement for acquiring alumina refinery and bauxite mines in Brazil from its wholly-owned subsidiary Novelis as part of corporate reorganisation plan.

    "Hindalco Industries has finalised its arrangement for acquiring alumina refinery and bauxite mines from Novelis Do Brasil, a wholly-owned subsidiary of Novelis. The agreement was executed between Novelis Do Brasil, Novelis and AV Minerals (Netherlands), a wholly-owned subsidiary of Hindalco Industries," the company said in a statement.

    The alumina refinery, with a capacity of 145 KTPA, situated in the city of Ouro Preto, State of Minas Gerias, Brazil, has mining rights of over 50 million tonnes of bauxite reserves.

    "This transaction will be done by transferring the Alumina assets of Novelis Do Brasil into a new company to be formed in Brazil and acquisition of all the shares of the new company by AV Minerals," Hindalco said in a filing to the Bombay Stock Exchange (BSE).

    PTI

    Read more about: hindalco
    Story first published: Saturday, January 19, 2013, 11:22 [IST]
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