Business Daily from THE HINDU group of publications
Saturday, May 05, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, May 05, 2007 ePaper |
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Corporate
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Alliances & Joint Ventures
Our Bureau
Mumbai May 4 Hindalco's joint venture with US-based Almex will invest Rs 150 crore in a specialty plant in Aurangabad, said Mr Debu Bhattacharya, Managing Director, Hindalco. This plant will start production in 2008, and is likely to report revenues of between Rs 450 crore and Rs 500 crore, he said. The joint venture will be called Hindalco Almex Aerospace Ltd. Hindalco has 70 per cent stake in the joint venture. The project, which will manufacture specialty aluminium for the aerospace sector, is likely to get Special Economic Zone status from the State Government, said Mr Bhattacharya.
Novelis buy
Hindalco's acquisition of US-based Novelis at $ 5.95 billion (including $2.4 billion of debt) will include equity infusion by Hindalco of $3.55 billion. Hindalco will be taking a loan of $3.1 billion with recourse to the company through a fully-owned subsidiary. Hindalco will contribute $450 million from its treasury in addition to this. Another $2.4 billion loan residing in the books of Novelis will be refinanced upon the change of control of its management. The acquisition is likely to be completed around May 15 this year, Mr Bhattacharya said.
More Stories on : Alliances & Joint Ventures | Aluminium | Airlines | Hindalco Industries Ltd
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