Aditya birla-led hindalco industries - Latest News Update, Information, Photos & Videos on Aditya birla-led hindalco industries at Lokmat Times

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has received the final clearance needed to complete its acquisition of Aleris Corporation, a global supplier of rolled aluminum products.Previously, the European Commission determined that the acquisition could proceed on the condition that Novelis divest Aleris' plant at Duffel in Belgium to a third party approved by the commission.Novelis satisfied that condition when the European Commission determined that the proposed purchaser, Liberty House Group, is a suitable buyer of the Duffel facility.Liberty House Group, which is a part of the Gupta Family Group, intends to acquire the Duffel facility under its newly formed aluminum vertical called Alvance. The purchase price for the Duffel facility is 310 million euros."Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis," said Steve Fisher, President and CEO of Novelis Inc."This will allow Novelis to further extend our position as the world leader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions," he said in a statement.With the European Commission's approval of the buyer, Novelis has now received all regulatory clearances and will move expeditiously to close the acquisition of Aleris.Novelis Inc operates 23 facilities in 9 countries. It has 11,000 employees and recorded 12.3 billion dollars in revenue for its 2019 fiscal year.( With inputs from ANI )

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Aditya birla-led hindalco industries, Latest News

Business :Hindalco net profit up three times in Q4 to Rs 1,928 crore

Aditya Birla-led Hindalco Industries on Friday posted three times growth in Q4 FY21 consolidated profit at Rs 1,928 crore due to strong performance by Novelis and India aluminium business. ...

Business :Novelis announces closing of EUR500 million senior green notes offering

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has completed offering of 500 million euro aggregate principal amount of 3.375 per cent euro-denominated senior green notes due on April 15, 2029 by Novelis Sheet Ingot GmbH, an indir ...

Business :Novelis Q4 sales dive 12 pc to $2.7 billion as commodity prices fall

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has reported 12 per cent year-on-year decline in net sales to 2.7 billion dollars for the fourth quarter of fiscal 2020 due to lower average LME aluminum prices and local market premi ...

Business :Novelis gets last EC clearance for Aleris acqusition

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has received the final clearance needed to complete its acquisition of Aleris Corporation, a global supplier of rolled aluminum products. ...