Aditya Birla Group
firm Hindalco Industries has completed acquisition of the entire stake of Canadian
company Alcan Inc in Orissa-based Utkal Alumina International, making it its 100
per cent subsidiary.
acquired 78,564,384 shares in Utkal Alumina International, comprising the entire
stake of Alcan, the company said in a filing with the Bombay Stock Exchange (BSE).
held 55 per cent in Utkal Alumina. It announced the acquisition of the remaining
45 per cent stake held by the Canadian company on 18 July. Hindalco, however,
did not disclose the cost of the transaction.
marks the exit of Alcan from the Utkal project. Alcan will have no surviving rights
or obligations, as Hindalco becomes the 100 per cent owner of Utkal Alumina.
is pleased to have reached this agreement with Hindalco regarding the sale of
its participating interest in Utkal. The company values its long-standing partnership
with Hindalco, with whom it remains associated as to Utkal project," Alcan
bauxite and alumina president and CEO Jacynthe Cote said.
Hindalco-Alcan JV was established in 1992 and involved development of a new bauxite
mine and alumina refinery in Orissa.
and Alcan will continue business association as Alcan has ongoing contracts with
Novelis, which Hindalco acquired earlier in the year. Alcan is also the technology
provider to Utkal Alumina and some other alumina projects of Hindalco.