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Hindalco arm Novelis forms JV with Japan's Kobe Steel in South Korea

Aluminium products maker to sell 50% stake in its South Korean facility to Kobe Steel for $ 315 mn

Aluminium
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Aluminium

BS B2B Bureau Mumbai
The aluminium rolling & recycling company Novelis Inc, a subsidiary of Aditya Birla Group’s Hindalco Industries Ltd, has sold its 50 percent in its Ulsan (South Korea) facility to Japan’s Kobe Steel Ltd for $ 315 million. With this, two companies will form a joint venture, to be named Ulsan Aluminum Ltd.

Through the venture, Novelis and Kobe Steel will jointly own and operate the Ulsan facility, with each company remaining responsible for its metal supply and commercial relationships. The joint venture transaction is expected to close in September 2017, subject to customary closing conditions.

By entering into this joint venture, Novelis

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