Hindalco's wholly owned subsidiary, Novelis Inc, has announced signing of a definitive agreement to purchase Aleris Corporation, a global aluminium rolled products major, headquartered in the United States, for US$ 2.58 billion in a debt finance deal.

Kumar Mangalam Birla, Chairman, Hindalco, said "Over a decade ago, with the Novelis acquisition Hindalco leap frogged into the global arena of the aluminium industry. It made Hindalco a global multinational and brought with it top-tier international customers and best in class capabilities in aluminium value-added products. Since then, Novelis has grown significantly and continues to be the global leader in its markets. The acquisition of Aleris is the next phase of our aluminium value added products growth strategy. This will solidify our position as the world's No.1 aluminium Value-Added Products player. Post this acquisition, we are well placed to serve our customers across geographies in automotive and now the high-end aerospace segments. We will have presence throughout the downstream aluminium value chain in Asia, positioning us for future growth in the region. This also enhances the access to world class manufacturing capabilities for our existing Indian aluminium value added operations and accelerates our path to making world class products in India."

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