Hindalco Industries today announced an agreement with Canada-based Alcan to acquire its participating interest in the Utkal Alumina project in Orissa.According to an official release issued by Hindalco, the transaction is likely to be closed in the next 30 days. The conclusion of the transaction will mark the complete exit of Alcan from the Utkal project. "Hindalco and Alcan will continue to have a cordial business association given that Alcan has on-going contracts with Novelis. It is also the technology provider to the Utkal alumina project and some other alumina projects of Hindalco," the release said.Also Read: Rio Tinto may partner in Utkal Alumina
