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Hindalco's Novelis to buy aluminium products maker Aleris for $2.58 billion
Novelis Inc, a 100 per cent US-based subsidiary of Hindalco Industries, on Thursday announced acquiring aluminium products maker Aleris Corporation for an enterprise value of $2.58 billion, giving the Aditya Birla group firm enough room to foray into the high-end and growing aerospace products sector and emerge as a $21-billion company on a consolidated basis.
The acquisition by Novelis Inc will be a 100 per cent debt-funded deal, expected to close in nine to 15 months. Novelis will invest $775 million in the equity and takeover debt of Aleris, and it
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