Hindalco gains 7% as arm Novelis to buy Aleris

The stock was up 7% to Rs 220 on the BSE after the company announced the acquisition of a global aluminium rolled products major Aleris at an enterprise value of US $ 2.58 billion.

Shares of Hindalco Industries were up 7% at Rs 220 per share on the BSE in early morning trade after the company announced the acquisition of a global aluminium rolled products major Aleris at an enterprise value of US $ 2.58 billion.

The acquisition will be made through the Hindalco’s wholly owned subsidiary, Novelis Inc. Aleris has a global footprint with manufacturing facilities in Europe, the U.S. and Asia.

“The acquisition strengthens Novelis’ leadership position in the fastest growing automotive segment with best in class assets in Lewisport, U.S. and Duffel, Belgium. It marks Novelis’ entry into the