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What Is India News Service
Monday, March 05, 2007



 

 

 

   Hindalco's Novelis Offer

  Hindalco Industries announced that it will make a preferential allotment worth Rs 2,600 crore (about $565 million) to part-finance the company's recent acquisition of US aluminium company Novelis.
     
 

Hindalco Industries announced that it will make a preferential allotment worth Rs 2,600 crore (about $565 million) to part-finance the company's recent acquisition of US aluminium company Novelis. Hindalco is India's largest metals company by revenue and announced plans to buy out Novelis for USD 6 billion, mostly through debt instruments, to make it the largest high value aluminum company in the world.

The funds for this buyout will be though a couple of Canada-based special purpose vehicles through ABN Amro Bank, UBS, and Bank of America. Investors disagreed with the company's decision to invest such a high figure in an inferior business and stocks of Hindalco have crashed.

 

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