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Hindalco’s US unit to buy aluminium producer Aleris for $2.6 bn

By Reuters

  • 26 Jul 2018
Hindalco’s US unit to buy aluminium producer Aleris for $2.6 bn
Credit: Pixabay

India’s Hindalco Industries Ltd said on Thursday its U.S. unit Novelis Inc has agreed to buy aluminium maker Aleris Corp for $2.6 billion, giving the company an entry into the aerospace sector and a higher customer base in the car industry.

Hindalco is owned by conglomerate Aditya Birla Group.

The deal will include $775 million of equity and $1.8 billion of debt which will be funded through Novelis, Kumar Mangalam Birla, chairman of Aditya Birla said.

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The deal will be closed in the next nine to 15 months, Birla told a press conference.

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